Market Newsdesk

August 5, 2021 7:06 am

Comscore and Verisk’s Commerce Signals Expand Cookieless Audience Engagement for Advertisers

New Commerce Signals Predictive Audience Segments will help unlock privacy-friendly audience engagement for retail market

PR Newswire

RESTON, Va., Aug. 5, 2021 /PRNewswire/ — Comscore (Nasdaq: SCOR), a trusted partner for planning, transacting and evaluating media across platforms, and Commerce Signals, a Verisk business and a leading provider of omnichannel payment data for marketers, today announced an agreement to begin developing next-generation contextual audiences for ad targeting across digital, mobile, and CTV ad inventory. The collaboration will serve to deliver privacy-safe consumer engagement tailored for the retail industry.

The collaboration will pair Commerce Signal’s advanced payment data analytics with Comscore’s Predictive Audiences contextual targeting solution to create innovative audiences not available elsewhere. For example, by combining Commerce Signal’s retailer shopper data that can differentiate in-store vs. online purchases with Comscore’s media consumption information, advertisers will be able to better reach audiences such as online grocery shoppers or Quick Service Restaurant patrons who may not be as engaged with linear television and therefore are unlikely to have seen brand messages there. With Predictive Audiences, brands can continue engaging with audiences across TV viewership, Over the Top (OTT) consumption, and consumer behaviors – all in a cookie-free environment. Comscore’s Predictive Audiences is the only solution that provides a crosswalk between audience targets and privacy-friendly contextual signals to enable advertisers to engage audiences now with Commerce Signals’ granular purchase data.

Commerce Signals has a permissioned, anonymized view of credit and debit card spending behavior from 40 million U.S. households. The data includes everywhere cards are used from retail and online purchases to streaming and ride sharing.

“In a rapidly-evolving media and regulatory environment, brands need to ensure they are embracing a privacy-first mindset while engaging with their target audience,” said Bill Livek, CEO, Comscore. “Our collaboration with Commerce Signals will expand Comscore’s privacy-friendly audience engagement to a vast new audience and give both companies an advantage, as we will be able to leverage our correlated and complementary consumer information. We are confident this will result in better business outcomes for our mutual customers.”

“We are excited to launch these cookie-free audiences with Comscore,” said Andy Mantis, Commerce Signals President. “The combination of our purchase data with Comscore’s context data enables marketers to target individual brand or category buyers in an increasingly efficient, effective and future-proof way.”

About Comscore
Comscore (NASDAQ: SCOR) is a trusted partner for planning, transacting and evaluating media across platforms. With a data footprint that combines digital, linear TV, over-the-top and theatrical viewership intelligence with advanced audience insights, Comscore allows media buyers and sellers to quantify their multiscreen behavior and make business decisions with confidence. A proven leader in measuring digital and TV audiences and advertising at scale, Comscore is the industry’s emerging, third-party source for reliable and comprehensive cross-platform measurement.

About Commerce Signals

Commerce Signals, a Verisk Financial business, is a leading source of credit and debit card data for marketers. With a permissioned and anonymized view of consumer credit and debit card spending behavior, Commerce Signals’ powerful insights, accurate audiences and closed loop measurement help eliminate waste and boost marketing ROI. Its solutions are used by some of the largest retailers, direct to consumer and AdTech companies in the country.

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SOURCE Comscore

August 5, 2021 7:06 am

Centene Announces Additional Actions To Further Protect Members And Employees From COVID-19

Company will enhance efforts to educate members and employees to increase vaccination rates

PR Newswire

ST. LOUIS, Aug. 5, 2021 /PRNewswire/ — Centene Corporation (NYSE: CNC) today announced it is taking additional steps to further protect members and employees from COVID-19, to educate its key stakeholders about the benefits of the vaccine, and to prepare for anticipated vaccine and testing requirements for companies that hold federal contracts.

Earlier this week, the company requested all employees to provide proof of their COVID-19 vaccination as soon as possible. Employees who do not provide proof of vaccination will be required to participate in regular COVID-19 testing and wear masks at all times while in company offices. In addition, Centene is delaying its first phase of the company’s return to in-person engagement from September 13, 2021, until October 18, 2021, providing additional time for Centene employees to be vaccinated. Centene will also require vaccination as a general condition of employment for all new employees beginning October 1, 2021, as well as require essential business contractors and subcontractors to provide vaccination attestation prior to entering Centene offices. As an additional measure of care for our members, the company will require employees conducting in-home visits or clinical facility visits with direct member interaction to be fully vaccinated.

Centene’s additional guidance aligns with the federal government’s announcement that all federal workers and onsite contractors must be vaccinated or be regularly tested, a requirement that is anticipated will soon apply to all companies that hold federal contracts. As a leading healthcare company with contracts related to the federal government, Centene is committed to following similar guidelines.

Today, Centene also reiterated its commitment to improving vaccination rates among its members. The company plans to continue its leadership in this effort through additional comprehensive education and outreach programs, with a specific emphasis on the most vulnerable populations.

“We are deeply committed to protecting our members and employees as the Delta variant continues its spread across the U.S., causing a new pandemic of the unvaccinated,” said Michael Neidorff, Chairman, President and CEO of Centene. “Our industry must be a leader in addressing vaccine hesitancy, especially to protect those who cannot safely receive the inoculation, such as young children and individuals with compromised immune systems. Key to this goal is a strong collaboration between the private and public sectors at the federal, state and local levels.”

To address the spread of the Delta variant, the company will continue to expand key outreach programs it has supported throughout the pandemic. These initiatives are specifically focused on promoting awareness of COVID-19 vaccinations to encourage members, employees and under-resourced communities to receive the vaccine. These efforts include:

National Outreach Campaign – Centene is implementing a nationwide member outreach campaign, asking members to update their current vaccination status while providing them with aid in accessing and scheduling vaccines. These efforts include the call campaign and public service announcement (PSA) initiative announced on June 8, 2021, which has reached more than 10 million members.
Education Campaign with the Pro Football Hall of Fame – In March of 2021, Centene formed a partnership with the Pro Football Hall of Fame to increase education around vaccination benefits through developing and promoting a series of PSAs, and hosting events around the country with Hall of Famers. The PSAs, airing on 160 national television networks and digital platforms, specifically focused on outreach to communities of color.
Clinical Outreach Program – Centene designed and implemented a clinical outreach program to address member needs leveraging a machine-learning algorithm to identify individuals facing critical social determinants of health challenges. The algorithm then used geospatial data to consider proximity to vaccination centers and known medical risks such as chronic conditions.
Hispanic Family Equity Fund – In May of 2021, Centene, through its foundation, the Centene Charitable Foundation, pledged to match the first $1 million in corporate donations to the Hispanic Family Equity Fund. The fund, launched by the Healthy Americas Foundation (HAF), the supporting organization of the National Alliance for Hispanic Health, aims to support Hispanic families in the post-pandemic recovery.
Partnership with the Lyft Vaccine Alliance – Centene joined the Lyft Vaccine Alliance, which is offering 60 million rides to and from vaccination sites for low-income, uninsured, and at-risk communities.
Academic Research Studying Basis for Vaccine Decision-Making – Through the Centene Center for Health Transformation, a research partnership with the Brown School at Washington University and Duke University Center for Advanced Hindsight, Centene is studying the basis for decision-making on vaccines to refine its messaging to members.
Leveraging Community Partnerships for Local Outreach – Centene and its local health plans are leveraging community partnerships such as the National Urban League and local affiliates and the Office of Tribal Relations to develop tailored, culturally sensitive campaigns and educational materials for members.
Supporting Employees – As the COVID-19 pandemic evolves, keeping Centene employees safe remains a top priority. Following the national availability of COVID-19 vaccines, Centene established a conservative, hybrid return to in-person engagement approach for the fall of 2021. Additionally, in response to the ongoing pandemic Centene:

Waived all prior authorizations and employee cost sharing for COVID-19 related screening, testing, treatment and vaccination.
Provided up to 10 additional working days of paid leave to support employees receiving the vaccination, or those employees caring for a family or household member affected by COVID-19.
Offered employees with up to a $1,000 discount to their health insurance premiums for conducting a number of healthy behaviors that included the COVID-19 vaccination. Provided a one-time payment of $750 to employees who performed critical services in Centene offices in 2020.
Established a Medical Reserve Leave policy to support clinical staff who wanted to join a medical reserve force and serve their communities, during the COVID-19 pandemic. The policy supports clinical staff by providing paid leave and benefits for up to three months of volunteer service.

About Centene Corporation
Centene Corporation, a Fortune 25 company, is a leading multi-national healthcare enterprise that is committed to helping people live healthier lives. The Company takes a local approach – with local brands and local teams – to provide fully integrated, high-quality, and cost-effective services to government-sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. Centene offers affordable and high-quality products to nearly 1 in 15 individuals across the nation, including Medicaid and Medicare members (including Medicare Prescription Drug Plans) as well as individuals and families served by the Health Insurance Marketplace, the TRICARE program, and individuals in correctional facilities. The Company also serves several international markets, and contracts with other healthcare and commercial organizations to provide a variety of specialty services focused on treating the whole person. Centene focuses on long-term growth and the development of its people, systems and capabilities so that it can better serve its members, providers, local communities, and government partners.

Forward-Looking Statements
All statements, other than statements of current or historical fact, contained in this press release are forward-looking statements. Without limiting the foregoing, forward-looking statements often use words such as “believe,” “anticipate,” “plan,” “expect,” “estimate,” “intend,” “seek,” “target,” “goal,” “may,” “will,” “would,” “could,” “should,” “can,” “continue” and other similar words or expressions (and the negative thereof). Centene (the Company, our, or we) intends such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for purposes of complying with these safe-harbor provisions. In particular, these statements include, without limitation, statements about our future operating or financial performance, market opportunity, growth strategy, competition, expected activities in completed and future acquisitions, including statements about the impact of our proposed acquisition of Magellan Health (the Magellan Acquisition), our completed acquisition of WellCare Health Plans, Inc. (WellCare and such acquisition, the WellCare Acquisition), other recent and future acquisitions, investments, the adequacy of our available cash resources and our settlements with Ohio and Mississippi to resolve claims and/or allegations made by those states with regard to past practices at Envolve Pharmacy Solutions, Inc. (Envolve), as our pharmacy benefits manager (PBM) subsidiary, and other possible future claims and settlements related to the past practices at Envolve and our ability to settle claims with other states within the reserve estimate we have recorded and on other acceptable terms, or at all. These forward-looking statements reflect our current views with respect to future events and are based on numerous assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions, business strategies, operating environments, future developments and other factors we believe appropriate. By their nature, forward-looking statements involve known and unknown risks and uncertainties and are subject to change because they relate to events and depend on circumstances that will occur in the future, including economic, regulatory, competitive and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions. All forward-looking statements included in this press release are based on information available to us on the date hereof. Except as may be otherwise required by law, we undertake no obligation to update or revise the forward-looking statements included in this press release, whether as a result of new information, future events or otherwise, after the date hereof. You should not place undue reliance on any forward-looking statements, as actual results may differ materially from projections, estimates, or other forward-looking statements due to a variety of important factors, variables and events including, but not limited to: the impact of COVID-19 on global markets, economic conditions, the healthcare industry and our results of operations and the response by governments and other third parties; the risk that regulatory or other approvals required for the Magellan Acquisition may be delayed or not obtained or are subject to unanticipated conditions that could require the exertion of management’s time and our resources or otherwise have an adverse effect on us; the possibility that certain conditions to the consummation of the Magellan Acquisition will not be satisfied or completed on a timely basis and accordingly, the Magellan Acquisition may not be consummated on a timely basis or at all; uncertainty as to the expected financial performance of the combined company following completion of the Magellan Acquisition; the possibility that the expected synergies and value creation from the Magellan Acquisition or the WellCare Acquisition (or other acquired businesses) will not be realized, or will not be realized within the respective expected time periods; the risk that unexpected costs will be incurred in connection with the completion and/or integration of the Magellan Acquisition or that the integration of Magellan Health will be more difficult or time consuming than expected; the risk that potential litigation in connection with the Magellan Acquisition may affect the timing or occurrence of the Magellan Acquisition or result in significant costs of defense, indemnification and liability; a downgrade of the credit rating of our indebtedness; the inability to retain key personnel; disruption from the announcement, pendency, completion and/or integration of the Magellan Acquisition or from the integration of the WellCare Acquisition, or similar risks from other acquisitions we may announce or complete from time to time, including potential adverse reactions or changes to business relationships with customers, employees, suppliers or regulators, making it more difficult to maintain business and operational relationships; our ability to accurately predict and effectively manage health benefits and other operating expenses and reserves, including fluctuations in medical utilization rates due to the impact of COVID-19; competition; membership and revenue declines or unexpected trends; changes in healthcare practices, new technologies and advances in medicine; increased healthcare costs; changes in economic, political or market conditions; changes in federal or state laws or regulations, including changes with respect to income tax reform or government healthcare programs as well as changes with respect to the Patient Protection and Affordable Care Act and the Health Care and Education Affordability Reconciliation Act (collectively referred to as the ACA) and any regulations enacted thereunder that may result from changing political conditions, the new administration or judicial actions; rate cuts or other payment reductions or delays by governmental payors and other risks and uncertainties affecting our government businesses; our ability to adequately price products; tax matters; disasters or major epidemics; changes in expected contract start dates; provider, state, federal, foreign and other contract changes and timing of regulatory approval of contracts; the expiration, suspension, or termination of our contracts with federal or state governments (including, but not limited to, Medicaid, Medicare, TRICARE or other customers); the difficulty of predicting the timing or outcome of legal or regulatory proceedings or matters, including claims against our PBM business or whether additional claims, reviews or investigations relating to our PBM business will be brought by states, the federal government or shareholder litigants, or government investigations; challenges to our contract awards; cyber-attacks or other privacy or data security incidents; the exertion of management’s time and our resources, and other expenses incurred and business changes required in connection with complying with the undertakings in connection with any regulatory, governmental or third party consents or approvals for acquisitions, including the Magellan Acquisition; disruption caused by significant completed and pending acquisitions making it more difficult to maintain business and operational relationships; the risk that unexpected costs will be incurred in connection with the completion and/or integration of acquisition transactions; changes in expected closing dates, estimated purchase price and accretion for acquisitions; the risk that acquired businesses will not be integrated successfully; restrictions and limitations in connection with our indebtedness; our ability to maintain or achieve improvement in the Centers for Medicare and Medicaid Services (CMS) Star ratings and maintain or achieve improvement in other quality scores in each case that can impact revenue and future growth; availability of debt and equity financing, on terms that are favorable to us; inflation; foreign currency fluctuations and risks and uncertainties discussed in the reports that Centene has filed with the Securities and Exchange Commission. This list of important factors is not intended to be exhaustive. We discuss certain of these matters more fully, as well as certain other factors that may affect our business operations, financial condition and results of operations, in our filings with the Securities and Exchange Commission (SEC), including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Due to these important factors and risks, we cannot give assurances with respect to our future performance, including without limitation our ability to maintain adequate premium levels or our ability to control our future medical and selling, general and administrative costs.

View original content:https://www.prnewswire.com/news-releases/centene-announces-additional-actions-to-further-protect-members-and-employees-from-covid-19-301349091.html

SOURCE Centene Corporation

August 5, 2021 7:06 am

Athene Holding Ltd. Reports Second Quarter 2021 Results

PR Newswire

HAMILTON, Bermuda, Aug. 5, 2021 /PRNewswire/ — Athene Holding Ltd. (“Athene”) (NYSE: ATH), a leading financial services company specializing in retirement solutions, today announced financial results for the second quarter 2021. The full earnings release, financial supplement, and earnings presentation are available on the ir.athene.com website.

Jim Belardi CEO of Athene said, “In the second quarter, we once again demonstrated excellent management of both sides of the balance sheet, with strong organic growth, asset outperformance, and a significant gain on our investment in Apollo combining to drive a second consecutive quarter of record adjusted operating income. This is a truly impressive outcome, which resulted in a 32% year-over-year increase in our adjusted book value per share.”

Belardi continued, “As we draw closer to the completion of our merger with Apollo, which remains on track for January, I am more confident than ever that Athene’s best days are ahead. It is increasingly apparent that our track record of consistent excellence over the past 12 years is compounding to drive significant momentum at scale, and I believe that this will accelerate upon fully aligning our business through the merger.”

Conference Call Details
Management will host a conference call to review Athene’s financial results on August 5, 2021 at 10:00 a.m. ET.

Live conference call: Toll-free at (866) 901-0811 (domestic) or (346) 354-0810 (international)
Conference call replay available through August 20, 2021 at (800) 585-8367 (domestic) or (404) 537-3406 (international)
Conference ID number: 4460696
Live and archived webcast available at ir.athene.com

About Athene
Athene Holding Ltd. (NYSE: ATH), through its subsidiaries (“Athene”), is a leading financial services company with total assets of $215.5 billion as of June 30, 2021 and operations in the United States, Bermuda, and Canada. Athene specializes in helping its customers achieve financial security and is a solutions provider to institutions. Founded in 2009, Athene is Driven to Do More for our policyholders, business partners, shareholders, and the communities in which we work and live. For more information, please visit www.athene.com.

Investor Relations Contact:

Noah Gunn

+1 441 279 8534
+1 646 768 7309
[email protected]

Media Contact:
Amanda Carstens Steward
+1 441 279 8525
+1 515 344 6060
[email protected]

Additional Information Regarding the Transaction and Where to Find It
This press release is being made in respect of the proposed transaction involving Tango Holdings, Inc. (“HoldCo”), Apollo Global Management, Inc. (“AGM”), and Athene Holding Ltd. (the “Company”). The proposed transaction will be submitted to the stockholders of AGM and the shareholders of the Company for their respective consideration. In connection therewith, the parties intend to file relevant materials with the Securities and Exchange Commission (the “SEC”), including a definitive proxy statement, which will be mailed to the stockholders of AGM and the shareholders of the Company. However, such documents are not currently available. BEFORE MAKING ANY VOTING OR ANY INVESTMENT DECISION, AS APPLICABLE, INVESTORS AND SECURITY HOLDERS OF AGM AND THE COMPANY ARE URGED TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders may obtain free copies of the definitive joint proxy statement/prospectus, any amendments or supplements thereto and other documents containing important information about AGM and the Company, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by AGM are available free of charge under the “Stockholders” section of AGM’s website located at http://www.apollo.com or by contacting AGM’s Investor Relations Department at (212) 822-0528 or [email protected]. Copies of the documents filed with the SEC by the Company are available free of charge under the “Investors” section of the Company’s website located at http://www.athene.com or by contacting the Company’s Investor Relations Department at (441) 279-8531 or [email protected].

Participants in the Solicitation
AGM, the Company, and HoldCo and their respective directors, executive officers, members of management and employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies in connection with the proposed transaction.

Information about the directors and executive officers of AGM and HoldCo is set forth in AGM’s proxy statement for its 2020 annual meeting of stockholders, which was filed with the SEC on August 20, 2020, its annual report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on February 19, 2021, and in subsequent documents filed with the SEC, each of which can be obtained free of charge from the sources indicated above.

Information about the directors and executive officers of the Company is set forth in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on February 19, 2021, its amendment to its annual report on Form 10-K/A for the fiscal year ended December 31, 2020, which was filed with the SEC on April 20, 2021, and in subsequent documents filed with the SEC, each of which can be obtained free of charge from the sources indicated above.

Other information regarding the participants in the proxy solicitations of the stockholders of AGM and the shareholders of the Company, and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the preliminary and definitive proxy statements and other relevant materials to be filed with the SEC when they become available.

No Offer or Solicitation
This press release is for informational purposes only and not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation of an offer to subscribe for, buy or sell or an invitation to subscribe for, buy or sell any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

Safe Harbor for Forward-Looking Statements
This press release contains, and certain oral statements made by Athene’s representatives from time to time may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results, events and developments to differ materially from those set forth in, or implied by, such statements. These statements are based on the beliefs and assumptions of Athene’s management and the management of Athene’s subsidiaries. Generally, forward-looking statements include actions, events, results, strategies and expectations and are often identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” “should,” or “continues” or similar expressions. Forward-looking statements within this press release include, but are not limited to, statements regarding future growth prospects and financial performance. Factors that could cause actual results, events and developments to differ include, without limitation: the accuracy of Athene’s assumptions and estimates; Athene’s ability to maintain or improve financial strength ratings; Athene’s ability to manage its business in a highly regulated industry; regulatory changes or actions; the impact of Athene’s reinsurers failing to meet their assumed obligations; the impact of interest rate fluctuations; changes in the federal income tax laws and regulations; the accuracy of Athene’s interpretation of the Tax Cuts and Jobs Act; litigation (including class action litigation), enforcement investigations or regulatory scrutiny; the performance of third parties; the loss of key personnel; telecommunication, information technology and other operational systems failures; the continued availability of capital; new accounting rules or changes to existing accounting rules; general economic conditions; Athene’s ability to protect its intellectual property; the ability to maintain or obtain approval of the Delaware Department of Insurance, the Iowa Insurance Division and other regulatory authorities as required for Athene’s operations; the delay or failure to complete or realize the expected benefits from the proposed merger with Apollo Global Management; and other factors discussed from time to time in Athene’s filings with the SEC, including its annual report on Form 10-K for the year ended December 31, 2020, and its other SEC filings, which can be found at the SEC’s website www.sec.gov.

All forward-looking statements described herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Athene does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Non-GAAP Measures
Adjusted book value per common share is a non-GAAP measure used to evaluate our financial performance and financial condition. The non-GAAP measure adjusts the number of shares included in the corresponding GAAP measure to reflect the conversion or settlement of all shares and other stock-based awards outstanding. We believe this measure represents an economic view of our share counts and provides a simplified and consistent view of our outstanding shares. Adjusted book value per common share is calculated as the adjusted AHL common shareholders’ equity divided by the adjusted operating common shares outstanding. Adjusted AHL common shareholders’ equity is calculated as the ending AHL shareholders’ equity excluding AOCI, the cumulative change in fair value of funds withheld and modco reinsurance assets and preferred stock. Effective February 28, 2020, all Class B common shares were converted into Class A common shares and all Class M common shares were converted into warrants and Class A common shares. Our Class B common shares were economically equivalent to Class A common shares and were convertible to Class A common shares on a one-for-one basis at any time. Our Class M common shares were in the legal form of shares but economically functioned as options as they were convertible into Class A common shares after vesting and payment of the conversion price. Adjusted operating common shares outstanding assumes conversion or settlement of all outstanding items that are able to be converted to or settled in Class A common shares, including the impacts of Class B common shares on a one-for- one basis, the impacts of all Class M common shares net of the conversion price and any other stock-based awards, but excluding any awards for which the exercise or conversion price exceeds the market value of our Class A common shares on the applicable measurement date. For certain historical periods, Class M shares were not included due to issuance restrictions which were contingent upon our IPO. Adjusted book value per common share should not be used as a substitute for book value per common share. However, we believe the adjustments to the shares and equity are significant to gaining an understanding of our overall results of operations and financial condition.

The reconciliation of book value per common share to adjusted book value per common share is as follows:

	December 31,	June 30,
	2009	2020	2021
Book value per common share	$ 11.62	$ 66.82	$ 92.33
AOCI	(0.13)	(11.26)	(17.41)
Accumulated change in fair value of reinsurance assets	—	(3.17)	(4.62)
Effect of items convertible to or settled in Class A common shares	—	(1.24)	(2.84)
Adjusted book value per common share	$ 11.49	$ 51.15	$ 67.46

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SOURCE Athene Holding Ltd.

August 5, 2021 7:06 am

Black Knight Reports Second Quarter 2021 Financial Results

PR Newswire

JACKSONVILLE, Fla., Aug. 5, 2021 /PRNewswire/ — Black Knight, Inc. (NYSE: BKI), a leading provider of software, data and analytics solutions to the mortgage and consumer loan, real estate and capital markets verticals, today announced unaudited financial results for the second quarter of 2021, as compared to the prior year quarter.

Second Quarter 2021 Highlights:

Revenues of $361.3 million, an increase of 23%; Organic revenue growth of 11%
Net earnings attributable to Black Knight of $39.7 million, an increase of 2%; Diluted EPS of $0.25 compared to $0.26; Net earnings margin of 8.9% compared to 13.3%
Adjusted EBITDA of $177.5 million, an increase of 21%; Adjusted EBITDA margin was 49.1% compared to 50.2%
Adjusted net earnings of $88.6 million, an increase of 13%; Adjusted EPS of $0.57, an increase of 10%

Second Quarter 2021 Segment Highlights:

Software Solutions

Revenues of $305.4 million, an increase of 25%; Organic revenue growth of 11%
EBITDA of $174.8 million, an increase of 20%; EBITDA margin of 57.2% compared to 59.6%

Data and Analytics

Revenues of $55.9 million, an increase of 16%; Organic revenue growth of 14%
EBITDA of $20.8 million, an increase of 29%; EBITDA margin of 37.2% compared to 33.4%

Commentary:

Black Knight Chairman and Chief Executive Officer Anthony Jabbour said, “We are pleased with our very strong results in the second quarter, where we delivered Organic revenue growth of 11% and Adjusted EBITDA growth of 21%. These results reflect the consistent execution of our strategy to drive organic growth through the addition of new clients, the expansion of relationships with existing clients and the delivery of new innovative solutions.”

Other Highlights:

On May 17, 2021, we completed the acquisition of eMBS, Inc. (“eMBS”), a leading data and analytics aggregator for residential mortgage-backed securities. eMBS is reported within our Data and Analytics segment.
Dun & Bradstreet Holdings, Inc. (“DNB”) investment: We own approximately 54.8 million shares of DNB common stock, which had a fair value of approximately $1.2 billion before income taxes (approximately $1.0 billion after income taxes) based on DNB’s closing share price as of June 30, 2021.
As of June 30, 2021, we had cash and cash equivalents of $88.7 million, debt of $2,235.3 million and available capacity of $902.0 million on our revolving credit facility.
On July 7, 2021, we completed the acquisition of TOMN Holdings, Inc. (“Top of Mind”), developer of Surefire^SM, a leading customer relationship management and marketing automation system for the mortgage industry. Top of Mind will be a part of Origination Software within our Software Solutions segment.

Jabbour continued, “With our strong second quarter performance, our confidence in the outlook for the remainder of the year and the effect of the Top of Mind and eMBS acquisitions, we are raising our full year guidance again. We now expect full year revenue in the range of $1,447 million to $1,463 million, Adjusted EBITDA in the range of $704 million to $716 million and Adjusted EPS in the range of $2.23 to $2.29.”

Business Outlook

The following forward-looking statements reflect Black Knight’s expectations as of today’s date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. Black Knight does not intend to update its forward-looking statements until its next quarterly results announcement, other than in publicly available statements.

Black Knight’s updated full year 2021 outlook is as follows:


		2020	2021				Growth
		Actual	Low		High		Low		High
August 5, 2021 outlook (Updated)
Revenues	$	1,239	$	1,447	$	1,463	17	%	18	%
Organic revenue growth							8	%	9	%
Adjusted EBITDA	$	610	$	704	$	716	15	%	17	%
Adjusted EPS	$	2.11	$	2.23	$	2.29	6	%	9	%

May 6, 2021 outlook (Prior)
Revenues	$	1,239	$	1,407	$	1,428	14	%	15	%
Organic revenue growth							6	%	8	%
Adjusted EBITDA	$	610	$	695	$	711	14	%	17	%
Adjusted EPS	$	2.11	$	2.16	$	2.24	2	%	6	%

Definitions of non-GAAP financial measures and the reconciliations to the most directly comparable GAAP measures are provided in subsequent sections of the press release narrative and supplemental schedules. Black Knight has not provided a reconciliation of forward-looking Adjusted EBITDA and Adjusted EPS, including certain components of the forward-looking reconciliation, to the most directly comparable GAAP financial measures, due primarily to variability and difficulty in making accurate forecasts and projections of non-operating matters that may arise, as not all of the information necessary for a quantitative reconciliation is available to Black Knight without unreasonable effort. For the same reasons, Black Knight is unable to address the probable significance of the information.

Earnings Conference Call and Audio Webcast

Black Knight will host a conference call to discuss the second quarter 2021 financial results on August 5, 2021, at 8:30 a.m. ET. The conference call can be accessed live over the phone by dialing (855) 327–6838, or for international callers (604) 235–2082. A replay will be available from 11:30 a.m. ET on August 5, 2021, through August 12, 2021, by dialing (844) 512–2921, or for international callers (412) 317–6671. The replay passcode will be 10015610.

The call will also be webcast live from Black Knight’s investor relations website at https://investor.blackknightinc.com. Following completion of the call, a recorded replay of the webcast will be available on the website.

About Black Knight

Black Knight, Inc. (NYSE:BKI) is an award-winning software, data and analytics company that delivers innovation in the mortgage lending and servicing and real estate industries, as well as the capital and secondary markets. Businesses leverage our robust, integrated solutions across the entire homeownership life cycle to help retain existing customers, gain new customers, mitigate risk and operate more effectively.

Our clients rely on our proven, comprehensive, scalable products and our unwavering commitment to delivering superior client support to achieve their strategic goals and better serve their customers. For more information on Black Knight, please visit www.blackknightinc.com.

Non-GAAP Financial Measures

This earnings release contains non-GAAP financial measures, including Adjusted revenues, Organic revenue growth, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net earnings and Adjusted EPS. These are important financial measures for us but are not financial measures as defined by generally accepted accounting principles (“GAAP”). The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. We believe these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making, including determining a portion of executive compensation. We also present these non-GAAP financial measures because we believe investors, analysts and rating agencies consider them useful in measuring our ability to meet our debt service obligations. By disclosing these non-GAAP financial measures, we believe we offer investors a greater understanding of, and an enhanced level of transparency into, the means by which our management operates the company.

These non-GAAP financial measures are not measures presented in accordance with GAAP, and our use of these terms may vary from that of others in our industry. These non-GAAP financial measures should not be considered as an alternative to revenues, net earnings, net earnings per share, net earnings margin or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the attached schedules.

Revenues, EBITDA and EBITDA margin for the Software Solutions and Data and Analytics segments are presented in conformity with Accounting Standards Codification Topic 280, Segment Reporting. These measures are reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing their performance. For these reasons, these measures are excluded from the definition of non-GAAP financial measures under the Securities and Exchange Commission’s (“SEC”) Regulation G and Item 10(e) of Regulation S-K.

Adjusted revenues – We define Adjusted revenues as Revenues adjusted to include the revenues that were not recorded by Black Knight during the periods presented due to the deferred revenue purchase accounting adjustment recorded in accordance with GAAP. These adjustments are reflected in Corporate and Other.

Organic revenue growth – We define Organic revenue growth as Adjusted revenues, as defined above, for the current period compared to an adjusted revenue base for the prior period, which is adjusted to add pre-acquisition revenues of acquired businesses for the portion of the prior year matching the portion of the current year that we owned the acquired businesses.

Adjusted EBITDA – We define Adjusted EBITDA as Net earnings attributable to Black Knight, with adjustments to reflect the addition or elimination of certain statement of earnings items including, but not limited to:

Depreciation and amortization;
Impairment charges;
Interest expense, net;
Income tax expense;
Other expense (income), net;
Equity in losses (earnings) of unconsolidated affiliates, net of tax;
(Gains) losses on sale of investments in unconsolidated affiliate, net of tax;
Net earnings (losses) attributable to redeemable noncontrolling interests;
deferred revenue purchase accounting adjustment;
equity-based compensation, including certain related payroll taxes;
costs associated with debt and/or equity offerings;
acquisition-related costs, including costs pursuant to purchase agreements; and
costs associated with expense reduction initiatives.

These adjustments are reflected in Corporate and Other.

Adjusted EBITDA margin – Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Adjusted revenues.

Adjusted net earnings – We define Adjusted net earnings as Net earnings attributable to Black Knight with adjustments to reflect the addition or elimination of certain statement of earnings items including, but not limited to:

equity in losses (earnings) of unconsolidated affiliates, net of tax;
(gains) losses on sale of investments in unconsolidated affiliate, net of tax;
the net incremental depreciation and amortization adjustments associated with the application of purchase accounting;
deferred revenue purchase accounting adjustment;
equity-based compensation, including certain related payroll taxes;
costs associated with debt and/or equity offerings;
acquisition-related costs, including costs pursuant to purchase agreements;
costs associated with expense reduction initiatives;
costs and settlement (gains) losses associated with significant legal matters;
adjustment for income tax expense primarily related to the tax effect of the non-GAAP adjustments; and
adjustment for redeemable noncontrolling interests primarily related to the effect of the non-GAAP adjustments.

Adjusted EPS – Adjusted EPS is calculated by dividing Adjusted net earnings by the diluted weighted average shares of common stock outstanding.

Forward-Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on Black Knight management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Black Knight undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

The risks and uncertainties that forward-looking statements are subject to include, but are not limited to:

changes in general economic, business, regulatory and political conditions, including those resulting from pandemics such as COVID–19, particularly as they affect foreclosures and the mortgage industry;
the outbreak of COVID–19 and measures to reduce its spread, including the effect of governmental or voluntary actions such as business shutdowns and stay-at-home orders;
security breaches against our information systems or breaches involving our third-party vendors;
our ability to maintain and grow our relationships with our clients;
our ability to comply with or changes to the laws, rules and regulations that affect our and our clients’ businesses;
our ability to adapt our solutions to technological changes or evolving industry standards or to achieve our growth strategies;
our ability to protect our proprietary software and information rights;
the effect of any potential defects, development delays, installation difficulties or system failures on our business and reputation;
risks associated with the availability of data;
the effects of our existing leverage on our ability to make acquisitions and invest in our business;
our ability to successfully consummate, integrate and achieve the intended benefits of acquisitions;
risks associated with our investment in DNB and integrating and achieving the intended benefits of the acquisition of Optimal Blue, LLC (“Optimal Blue”); and
other risks and uncertainties detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of our Annual Report on Form 10–K for the year ended December 31, 2020 and other filings with the SEC.

BLACK KNIGHT, INC.
Consolidated Balance Sheets
(In millions)
(Unaudited)


	June 30, 2021		December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	88.7	$	34.7
Trade receivables, net		183.6		182.2
Prepaid expenses and other current assets		86.3		70.4
Receivables from related parties		10.5		—
Total current assets		369.1		287.3
Property and equipment, net		157.5		163.1
Computer software, net		496.5		498.3
Other intangible assets, net		624.6		692.3
Goodwill		3,649.6		3,613.4
Investments in unconsolidated affiliates		475.8		470.5
Deferred contract costs, net		179.6		172.3
Other non-current assets		213.2		193.3
Total assets	$	6,165.9	$	6,090.5
LIABILITIES AND EQUITY
Current liabilities:
Trade accounts payable and other accrued liabilities	$	73.8	$	88.1
Accrued compensation and benefits		91.0		79.3
Current portion of debt		19.0		73.0
Deferred revenues		68.7		50.9
Total current liabilities		252.5		291.3
Deferred revenues		82.7		92.7
Deferred income taxes		282.1		284.0
Long-term debt, net of current portion		2,216.3		2,121.9
Other non-current liabilities		90.1		94.9
Total liabilities		2,923.7		2,884.8

Redeemable noncontrolling interests		578.0		578.0

Equity:
Additional paid-in capital		2,021.0		2,053.7
Retained earnings		852.4		757.4
Accumulated other comprehensive loss		(32.6)		(38.8)
Treasury stock, at cost		(176.6)		(144.6)
Total shareholders’ equity		2,664.2		2,627.7
Total liabilities, redeemable noncontrolling interests and shareholders’ equity	$	6,165.9	$	6,090.5

BLACK KNIGHT, INC.
Consolidated Statements of Earnings
(In millions, except per share data)
(Unaudited)

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Revenues	$	361.3	$	293.1	$	711.0	$	583.8
Expenses:
Operating expenses		197.0		155.5		383.2		317.9
Depreciation and amortization		90.4		58.6		178.2		116.3
Transition and integration costs		4.3		2.5		12.2		4.9
Total expenses		291.7		216.6		573.6		439.1
Operating income		69.6		76.5		137.4		144.7
Other income and expense:
Interest expense, net		(20.9)		(13.0)		(41.2)		(27.7)
Other (expense) income, net		(1.0)		18.8		(4.2)		18.0
Total other (expense) income, net		(21.9)		5.8		(45.4)		(9.7)
Earnings before income taxes and equity in (losses) earnings of unconsolidated affiliates		47.7		82.3		92.0		135.0
Income tax expense		10.5		17.2		15.7		25.4
Earnings before equity in (losses) earnings of unconsolidated affiliates		37.2		65.1		76.3		109.6
Equity in (losses) earnings of unconsolidated affiliates, net of tax		(5.0)		(26.0)		1.4		(20.4)
Net earnings		32.2		39.1		77.7		89.2
Net losses attributable to redeemable noncontrolling interests		7.5		—		16.1		—
Net earnings attributable to Black Knight	$	39.7	$	39.1	$	93.8	$	89.2

Net earnings per share attributable to Black Knight shareholders:
Basic	$	0.26	$	0.26	$	0.60	$	0.60
Diluted ⁽¹⁾	$	0.25	$	0.26	$	0.60	$	0.60
Weighted average shares of common stock outstanding:
Basic		155.4		149.2		155.5		148.6
Diluted ⁽¹⁾		155.7		150.0		155.8		149.3


(1)	For the periods presented, dilutive securities include time-based and performance-based unvested restricted stock awards for which performance metrics have been achieved.

BLACK KNIGHT, INC.
Consolidated Statements of Cash Flows
(In millions)
(Unaudited)

	Six months ended June 30,
	2021		2020
Cash flows from operating activities:
Net earnings	$	77.7	$	89.2
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		178.2		116.3
Amortization of debt issuance costs and original issue discount		2.0		1.4
Loss on extinguishment of debt		2.5		—
Deferred income taxes, net		(3.9)		0.9
Equity in (earnings) losses of unconsolidated affiliates, net of tax		(1.4)		20.4
Equity-based compensation		22.5		20.2
Changes in assets and liabilities, net of acquired assets and liabilities:
Trade receivables, including receivables from related parties		(10.7)		4.9
Prepaid expenses and other assets		(36.8)		(13.9)
Deferred contract costs		(24.1)		(26.0)
Deferred revenues		6.4		(10.2)
Trade accounts payable and other liabilities		(13.2)		(7.9)
Net cash provided by operating activities		199.2		195.3
Cash flows from investing activities:
Additions to property and equipment		(11.5)		(12.6)
Additions to computer software		(45.4)		(38.2)
Business acquisitions, net of cash acquired		(48.3)		(50.4)
Asset acquisitions		(10.0)		(15.0)
Other investing activities		(1.2)		8.4
Net cash used in investing activities		(116.4)		(107.8)
Cash flows from financing activities:
Net proceeds from issuance of common stock, before offering expenses		—		484.6
Costs directly associated with issuance of common stock		—		(0.4)
Revolver borrowings		260.3		266.6
Revolver payments		(210.0)		(576.6)
Term loan borrowings		1.6		—
Term loan payments		—		(23.4)
Purchases of treasury stock		(46.7)		—
Tax withholding payments for restricted share vesting		(24.4)		(19.7)
Finance lease payments		(2.0)		(5.8)
Debt issuance costs paid		(7.6)		—
Net cash (used in) provided by financing activities		(28.8)		125.3
Net increase in cash and cash equivalents		54.0		212.8
Cash and cash equivalents, beginning of period		34.7		15.4
Cash and cash equivalents, end of period	$	88.7	$	228.2
Supplemental cash flow information:
Interest paid, net	$	(40.0)	$	(26.1)
Income taxes paid, net	$	(42.7)	$	(5.4)

BLACK KNIGHT, INC.
Segment Information
(In millions)
(Unaudited)

	Three months ended June 30, 2021
	Software		Data and		Corporate
	Solutions		Analytics		and Other			Total
Revenues	$	305.4	$	55.9	$	—	(1)	$	361.3
Expenses:
Operating expenses		130.6		35.1		31.3	(2)		197.0
Transition and integration costs		—		—		4.3	(3)		4.3
EBITDA		174.8		20.8		(35.6)			160.0
Depreciation and amortization		33.2		3.7		53.5	(4)		90.4
Operating income (loss)		141.6		17.1		(89.1)			69.6
Interest expense, net									(20.9)
Other expense, net									(1.0)
Earnings before income taxes and equity in losses of unconsolidated affiliates									47.7
Income tax expense									10.5
Earnings before equity in losses of unconsolidated affiliates									37.2
Equity in losses of unconsolidated affiliates, net of tax									(5.0)
Net earnings									32.2
Net losses attributable to redeemable noncontrolling interests									7.5
Net earnings attributable to Black Knight								$	39.7

	Three months ended June 30, 2020
	Software		Data and		Corporate
	Solutions		Analytics		and Other			Total
Revenues	$	245.1	$	48.2	$	(0.2)	(1)	$	293.1
Expenses:
Operating expenses		98.9		32.1		24.5	(2)		155.5
Transition and integration costs		—		—		2.5	(3)		2.5
EBITDA		146.2		16.1		(27.2)			135.1
Depreciation and amortization		30.2		3.8		24.6	(4)		58.6
Operating income (loss)		116.0		12.3		(51.8)			76.5
Interest expense, net									(13.0)
Other income, net									18.8
Earnings before income taxes and equity in losses of unconsolidated affiliates									82.3
Income tax expense									17.2
Earnings before equity in losses of unconsolidated affiliates									65.1
Equity in losses of unconsolidated affiliates, net of tax									(26.0)
Net earnings								$	39.1

BLACK KNIGHT, INC.
Segment Information (Continued)
(In millions)
(Unaudited)

	Six months ended June 30, 2021
	Software		Data and		Corporate and
	Solutions		Analytics		Other			Total
Revenues	$	601.2	$	109.8	$	—	(1)	$	711.0
Expenses:
Operating expenses		255.5		69.3		58.4	(2)		383.2
Transition and integration costs		—		—		12.2	(3)		12.2
EBITDA		345.7		40.5		(70.6)			315.6
Depreciation and amortization		64.4		7.5		106.3	(4)		178.2
Operating income (loss)		281.3		33.0		(176.9)			137.4
Interest expense, net									(41.2)
Other expense, net									(4.2)
Earnings before income taxes and equity in earnings of unconsolidated affiliates									92.0
Income tax expense									15.7
Earnings before equity in earnings of unconsolidated affiliates									76.3
Equity in earnings of unconsolidated affiliates, net of tax									1.4
Net earnings									77.7
Net losses attributable to redeemable noncontrolling interests									16.1
Net earnings attributable to Black Knight								$	93.8

	Six months ended June 30, 2020
	Software		Data and		Corporate and
	Solutions		Analytics		Other			Total
Revenues	$	489.8	$	94.3	$	(0.3)	(1)	$	583.8
Expenses:
Operating expenses		204.2		63.6		50.1	(2)		317.9
Transition and integration costs		—		—		4.9	(3)		4.9
EBITDA		285.6		30.7		(55.3)			261.0
Depreciation and amortization		60.5		7.8		48.0	(4)		116.3
Operating income (loss)		225.1		22.9		(103.3)			144.7
Interest expense, net									(27.7)
Other income, net									18.0
Earnings before income taxes and equity in losses of unconsolidated affiliates									135.0
Income tax expense									25.4
Earnings before equity in losses of unconsolidated affiliates									109.6
Equity in losses of unconsolidated affiliates, net of tax									(20.4)
Net earnings								$	89.2


(1)	Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP.
(2)	Operating expenses for Corporate and Other includes equity-based compensation, including certain related payroll taxes, of $13.2 million and $9.5 million for the three months ended June 30, 2021 and 2020, respectively, and $23.7 million and $21.2 million for the six months ended June 30, 2021 and 2020, respectively.
(3)	Transition and integration costs primarily consists of costs associated with acquisitions.
(4)	Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP.

BLACK KNIGHT, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In millions)
(Unaudited)
Reconciliation of Revenues to Adjusted Revenues and Organic Revenue Growth

	Three months ended June 30,
	2021		2020						Organic
					Pre-acquisition		Adjusted		revenue
	As reported		As reported		revenues⁽¹⁾		base		growth
Servicing Software	$	207.8	$	184.3	$	—	$	184.3	13	%
Origination Software		97.6		60.8		30.6		91.4	7	%
Software Solutions		305.4		245.1		30.6		275.7	11	%
Data and Analytics		55.9		48.2		0.7		48.9	14	%
Corporate and Other		—		(0.2)
Revenues		361.3		293.1
Deferred revenue purchase accounting adjustment		—		0.2
Adjusted revenues	$	361.3	$	293.3	$	31.3	$	324.6	11	%


(1)	Includes pre-acquisition revenues of Optimal Blue, DocVerify, eMBS and NexSpring Financial, LLC (“NexSpring”) for the three months ended June 30, 2020.


	Six months ended June 30,
	2021		2020						Organic
					Pre-acquisition		Adjusted		revenue
	As reported		As reported		revenues⁽¹⁾		base		growth
Servicing Software	$	410.5	$	380.0	$	—	$	380.0	8	%
Origination Software		190.7		109.8		58.3		168.1	13	%
Software Solutions		601.2		489.8		58.3		548.1	10	%
Data and Analytics		109.8		94.3		3.0		97.3	13	%
Corporate and Other		—		(0.3)
Revenues		711.0		583.8
Deferred revenue purchase accounting adjustment		—		0.3
Adjusted revenues	$	711.0	$	584.1	$	61.3	$	645.4	10	%


(1)	Includes pre-acquisition revenues of Optimal Blue, Collateral Analytics, LLC (“Collateral Analytics”), DocVerify, eMBS and NexSpring for the six months ended June 30, 2020.

BLACK KNIGHT, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures (Continued)
(In millions, except per share data)
(Unaudited)
Reconciliation of Net Earnings to Adjusted EBITDA

	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
Net earnings attributable to Black Knight	$	39.7		$	39.1		$	93.8		$	89.2
Depreciation and amortization		90.4			58.6			178.2			116.3
Interest expense, net		20.9			13.0			41.2			27.7
Income tax expense		10.5			17.2			15.7			25.4
Other expense (income), net		1.0			(18.8)			4.2			(18.0)
Equity in losses (earnings) of unconsolidated affiliates, net of tax		5.0			31.0			(1.4)			25.4
Gain on sale of investment in unconsolidated affiliate, net of tax		—			(5.0)			—			(5.0)
Net losses attributable to redeemable noncontrolling interests		(7.5)			—			(16.1)			—
EBITDA		160.0			135.1			315.6			261.0
Deferred revenue purchase accounting adjustment		—			0.2			—			0.3
Equity-based compensation⁽¹⁾		13.2			9.5			23.7			21.2
Debt and/or equity offering expenses		—			—			—			0.2
Acquisition-related costs		4.0			2.5			11.3			3.9
Expense reduction initiatives		0.3			—			0.9			0.8
Adjusted EBITDA	$	177.5		$	147.3		$	351.5		$	287.4
Net earnings margin		8.9	%		13.3	%		10.9	%		15.3	%
Adjusted EBITDA margin		49.1	%		50.2	%		49.4	%		49.2	%


(1)	Includes accelerated recognition of equity-based compensation expense of $2.9 million for the three and six months ended June 30, 2021 and $0.2 million for the six months ended June 30, 2020.

BLACK KNIGHT, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures (Continued)
(In millions, except per share data)
(Unaudited)
Reconciliation of Net Earnings to Adjusted Net Earnings

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Net earnings attributable to Black Knight	$	39.7	$	39.1	$	93.8	$	89.2
Equity in losses (earnings) of unconsolidated affiliates, net of tax		5.0		31.0		(1.4)		25.4
Gain on sale of investment in unconsolidated affiliate, net of tax		—		(5.0)		—		(5.0)
Depreciation and amortization purchase accounting adjustment ⁽¹⁾		53.7		24.7		106.6		48.3
Deferred revenue purchase accounting adjustment		—		0.2		—		0.3
Equity-based compensation ⁽²⁾		13.2		9.5		23.7		21.2
Debt and/or equity offering expenses		0.1		—		2.3		0.2
Acquisition-related costs		4.0		2.5		11.3		3.9
Expense reduction initiatives		0.3		—		0.9		0.8
Legal matters		1.0		(18.7)		1.9		(17.9)
Income tax expense adjustment		(15.9)		(5.0)		(38.0)		(18.7)
Redeemable noncontrolling interests adjustment ⁽³⁾		(12.5)		—		(25.0)		—
Adjusted net earnings	$	88.6	$	78.3	$	176.1	$	147.7

Adjusted EPS	$	0.57	$	0.52	$	1.13	$	0.99
Weighted average shares outstanding, diluted		155.7		150.0		155.8		149.3


(1)	Components of the depreciation and amortization purchase accounting adjustment are as follows:


	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Other intangible assets	$	39.1	$	13.4	$	77.9	$	26.4
Computer software		14.5		11.3		28.4		22.0
Property and equipment		0.2		0.2		0.4		0.4
Deferred contract costs		(0.1)		(0.2)		(0.1)		(0.5)
Depreciation and amortization purchase accounting adjustment	$	53.7	$	24.7	$	106.6	$	48.3

(2)	Includes accelerated recognition of equity-based compensation expense of $2.9 million for the three and six months ended June 30, 2021 and $0.2 million for the six months ended June 30, 2020.
(3)	For the three and six months ended June 30, 2021, the redeemable noncontrolling interests adjustment primarily includes the effect of the net incremental depreciation and amortization adjustments associated with the application of purchase accounting.

BLACK KNIGHT, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures (Continued)
(In millions)
(Unaudited)
Reconciliation of Revenue Growth to Adjusted Revenue Growth and Organic Revenue Growth

	Full Year 2021 Guidance						Full Year 2020
									Pre-acquisition		Adjusted
	Low			High			As reported		revenues⁽¹⁾		base
Revenues	$	1,447		$	1,463		$	1,239	$	101	$	1,340
Revenue growth		17	%		18	%
Organic revenue growth		8	%		9	%


(1)	Includes pre-acquisition revenues of Optimal Blue, Top of Mind, eMBS, DocVerify, Collateral Analytics and NexSpring for the year ended December 31, 2020.

Information for Investors:		Information for Media:

Steve Eagerton		Michelle Kersch
Black Knight		Black Knight
904.854.3683		904.854.5043
[email protected]		[email protected]

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SOURCE Black Knight, Inc.

August 5, 2021 7:06 am

Galmed Pharmaceuticals Provides Business Update and Reports Second Quarter 2021 Financial Results

– Conference Call and Webcast Today at 8:30 a.m. ET / 5:30 a.m. PT –

PR Newswire

TEL AVIV, Israel, Aug. 5, 2021 /PRNewswire/ — Galmed Pharmaceuticals Ltd. (Nasdaq: GLMD) (“Galmed” or the “Company”), a clinical-stage biopharmaceutical company focused on the development of the liver targeted SCD1 modulator Aramchol™, an oral therapy for the treatment of nonalcoholic steatohepatitis, or NASH and fibrosis, provides today updated information on the Company’s scientific and clinical development programs and reports financial results for the three and six months ended June 30, 2021. The Company will host a conference call and webcast at 08:30 ET today.

Recent Clinical & Scientific Developments

The FDA agreed with Galmed’s plan to use Aramchol meglumine in the randomized double-blind placebo-controlled part of the Phase 3 ARMOR study.
Results from approximately one-third of the study population (~ 50 subjects) of the open label part of our ARMOR study that has completed the post-baseline liver biopsy are expected to be available in Q4 2021 as planned.
Completed dosing in first in human Phase I trial of Amilo-5-Mer with topline data expected in Q3 2021 and a Phase 1b proof of concept study is planned for Q4 2021.
Entered into a license agreement with Yissum pursuant to which Yissum granted to the Company a worldwide, exclusive and irrevocable license to develop and commercialize Amilo-5Mer.

Financial Summary – Second Quarter 2021 vs. Second Quarter 2020:

Cash and cash equivalents, restricted cash, short-term deposits and marketable debt securities totaled $51.2 million as of June 30, 2021, compared to $50.9 million at December 31, 2020.
Net loss amounted to $8.4 million, or $0.33 per share, for the three months ended June 30, 2021, compared to a net loss of $5.5 million, or $0.26 per share, for the three months ended June 30, 2020.
Research and development expenses amounted to approximately $7.0 million for the three months ended June 30, 2021, compared to approximately $5.0 million for the three months ended June 30, 2020. The increase resulted primarily from an increase in clinical trial expenses in connection with the ARMOR study.
General and administrative expenses amounted to approximately $1.4 million for the three months ended June 30, 2021, compared to approximately $0.8 million for the three months ended June 30, 2020. The increase in general and administrative expenses for the three months ended June 30, 2021 resulted primarily from an increase in salaries and benefits, as well from an increase in the cost of our D&O insurance policy premium.
Financial income, net amounted to $0.01 million for the three months ended June 30, 2021, compared to financial income, net of $0.3 million for the three months ended June 30, 2020. The decrease primarily relates to a decrease in interest income from financial assets.

Conference Call & Webcast:

Thursday August 5, 2021, 8:30 AM ET

Toll Free: 1-888-394-8218
Toll/International: 1-323-701-0225
Israel Toll Free: 1 809 212 883
Conference ID: 2905012
Webcast: http://public.viavid.com/index.php?id=145911

Replay Dial-In Numbers

Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 2905012
Replay Start: Thursday August 5, 2021, 11:30 AM ET
Replay Expiry: Thursday August 19, 2021, 11:59 PM ET

About Aramchol and Non-alcoholic Steatohepatitis (NASH)

Aramchol (arachidyl amido cholanoic acid) is a novel fatty acid bile acid conjugate, inducing beneficial modulation of intra-hepatic lipid metabolism. Aramchol’s ability to modulate hepatic lipid metabolism was discovered and validated in animal models, demonstrating downregulation of the three key pathologies of NASH: steatosis, inflammation and fibrosis. The effect of Aramchol on fibrosis is mediated by downregulation of steatosis and directly on human collagen producing cells. Aramchol has been granted Fast Track designation status by the FDA for the treatment of NASH.

NASH is an emerging world crisis impacting an estimated 3% to 5% of the U.S. population and an estimated 2% to 4% globally. It is the fastest growing cause of liver cancer and liver transplant in the U.S. due to the rise in obesity. NASH is the progressive form of non-alcoholic fatty liver disease that can lead to cardiovascular disease, cirrhosis and liver-related mortality.

About Galmed Pharmaceuticals Ltd.

Galmed Pharmaceuticals Ltd. is a clinical stage drug development biopharmaceutical company for liver, metabolic and inflammatory diseases. Our lead compound, Aramchol™, a backbone drug candidate for the treatment of NASH and fibrosis is currently in a Phase 3 registrational study. We are also developing Amilo-5MER, a 5 amino acid synthetic peptide and recently initiated a first in human study.

Forward-Looking Statements:

This press release may include forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to Galmed’s objectives, plans and strategies, as well as statements, other than historical facts, that address activities, events or developments that Galmed intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause Galmed’s actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the timing and cost of Galmed’s pivotal Phase 3 ARMOR trial, or the ARMOR Study or any other pre-clinical or clinical trials; completion and receiving favorable results of the ARMOR Study for Aramchol or any other pre-clinical or clinical trial; the impact of the coronavirus outbreak; regulatory action with respect to Aramchol or any other product candidate by the FDA or the EMA; the commercial launch and future sales of Aramchol or any other future products or product candidates; Galmed’s ability to comply with all applicable post-market regulatory requirements for Aramchol or any other product candidate in the countries in which it seeks to market the product; Galmed’s ability to achieve favorable pricing for Aramchol or any other product candidate; Galmed’s expectations regarding the commercial market for NASH patients or any other indication; third-party payor reimbursement for Aramchol or any other product candidate; Galmed’s estimates regarding anticipated capital requirements and Galmed’s needs for additional financing; market adoption of Aramchol or any other product candidate by physicians and patients; the timing, cost or other aspects of the commercial launch of Aramchol or any other product candidate; the development and approval of the use of Aramchol or any other product candidate for additional indications or in combination therapy; and Galmed’s expectations regarding licensing, acquisitions and strategic operations. More detailed information about the risks and uncertainties affecting Galmed is contained under the heading “Risk Factors” included in Galmed’s most recent Annual Report on Form 20-F filed with the SEC on March 18, 2021, and in other filings that Galmed has made and may make with the SEC in the future. The forward-looking statements contained in this press release are made as of the date of this press release and reflect Galmed’s current views with respect to future events, and Galmed does not undertake and specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

GALMED PHARMACEUTICALS LTD.
Consolidated Balance Sheets
U.S. Dollars in thousands, except share data and per share data

	As of		As of
	June 30,		December 31,
	2021		2020
Assets
Current assets
Cash and cash equivalents	$	7,923	$	6,947
Restricted Cash		113		113
Short-term deposits		1,809		3,807
Marketable debt securities		41,333		40,132
Other receivables		487		812
Total current assets		51,665		51,811

Right of use assets		497		394
Property and equipment, net		163		176
Total non-current assets		660		570

Total assets	$	52,325	$	52,381

Liabilities and stockholders’ equity

Current liabilities
Trade payables	$	5,629	$	7,046
Other payables		1,379		966
Total current liabilities		7,008		8,012

Non-current liabilities
Lease obligation	$	318	$	216
Total non-current liabilities		318		216

Ordinary shares par value NIS 0.01 per share; Authorized 50,000,000; Issued and outstanding: 25,083,914 shares as of June 30, 2021; 21,325,975 shares as of December 31, 2020		70		58
Additional paid-in capital		197,829		179,530
Accumulated other comprehensive gain		108		272
Accumulated deficit		(153,008)		(135,707)
Total stockholders’ equity		44,999		44,153

Total liabilities and stockholders’ equity	$	52,325	$	52,381

GALMED PHARMACEUTICALS LTD.
Consolidated Statements of Operations (Unaudited)
U.S. Dollars in thousands, except share data and per share data

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Research and development expenses		7,036		4,971		14,416		10,521

General and administrative expenses		1,376		845		3,128		1,757

Total operating expenses		8,412		5,816		17,544		12,278

Financial income, net		(16)		(290)		(243)		(689)

Net loss	$	8,396	$	5,526	$	17,301	$	11,589

Basic and diluted net loss per share	$	0.33	$	0.26	$	0.72	$	0.55

Weighted-average number of shares outstanding used in computing basic and diluted net loss per share		25,083,914		21,153,166		24,099,132		21,152,003

GALMED PHARMACEUTICALS LTD.
Consolidated Statements of Cash Flows (Unaudited)
U.S. Dollars in thousands

	Six months ended
	June 30,
	2021		2020
Cash flow from operating activities

Net loss	$	(17,301)	$	(11,589)

Adjustments required to reconcile net loss to net cash used in operating activities
Depreciation and amortization		21		19
Stock-based compensation expense		943		1,096
Amortization of premium on marketable debt securities		126		16
Interest income from short-term deposits		(7)		(268)
Gain from realization of marketable debt securities		(19)		(10)
Changes in operating assets and liabilities:
Decrease in other accounts receivable		325		158
Decrease in trade payables		(1,417)		(2,123)
Increase (decrease) in other accounts payable		412		(141)
Net cash used in operating activities		(16,917)		(12,842)
Cash flow from investing activities
Purchase of property and equipment		(8)		(5)
Investment in available for sale securities		(7,831)		(26,979)
Sale (investment) in short term deposits, net		2,005		(4,000)
Maturity of short term deposits		–		4,800
Consideration from sale of available for sale securities		6,359		28,588
Net cash provided by (used in) investing activities		525		2,404

Cash flow from financing activities
Proceeds from exercise of options (*)		(*)		61
Issuance of Ordinary shares, net of issuance cost		17,368		–
Net cash provided in financing activities		17,368		61

Increase (decrease) in cash and cash equivalents and restricted cash		976		(10,377)
Cash and cash equivalents and restricted cash at the beginning of the period		7,060		16,043
Cash and cash equivalents and restricted cash at the end of the period	$	8,036	$	5,666
Supplemental disclosure of cash flow information:

Cash received from interest	$	347	$	317
Non-cash transactions:
Recognition of right-of-use asset and lease liability from adoption of ASU 2016-02	$	530	$	35

(*) Represents amount less than $1.

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SOURCE Galmed Pharmaceuticals Ltd.

August 5, 2021 7:06 am

Best Buy Commits up to $10M Investment in Brown Venture Group’s Inaugural Fund

$50M Fund One of the Largest in the Country Dedicated to BIPOC Tech Entrepreneurs

PR Newswire

MINNEAPOLIS, Aug. 5, 2021 /PRNewswire/ — Brown Venture Group LLC, a venture capital firm formed to fund Black, Latino and Indigenous technology entrepreneurs, announced today that Best Buy (NYSE: BBY) has committed up to $10M to its inaugural fund.

Brown Venture Group, a majority Black-led organization, was founded in 2018 with the goal of raising $50 million to invest in entrepreneurs of color who in the past have not had access to venture capital and have experienced economic barriers to contribution.

The commitment by Best Buy builds on its recent announcement that it will spend at least $1.2 billion with BIPOC and diverse businesses by 2025 with a focus on leaders in the tech industry.

“The partnership with Best Buy, represents an important shift in our business community from doing things for communities of Color to investing and executing with communities of Color in longer-term collaborative business relationships,” said Brown Venture Group Co-Founder and Managing Partner, Dr. Paul Campbell. “This hometown partnership is especially meaningful and Best Buy is to be commended for its commitment to co-creating solutions that will lead to greater economic flourishing for contributors of color.”

In addition to the monetary investment, Best Buy and Brown Venture Group will also work together to create a stronger community of diverse suppliers as well as launch an entrepreneurial partnership program at Best Buy Teen Tech Centers to help develop young entrepreneurs through education, mentoring, networking and funding access.

“We’re committed to taking meaningful action to address the challenges faced by BIPOC entrepreneurs,” Best Buy CEO Corie Barry said. “Through partnerships like this, we believe we can begin to do this by helping to build a stronger, more vibrant community of diverse innovators in the tech industry, some of whom we hope will become partners of Best Buy in the future.”

Disparities = Missed Opportunities = Unprecedented Potential

A 2020 Citigroup report estimates that if racial inequity gaps were closed today, the equivalent add to the U.S. economy over the next five years could be $5 trillion of additional GDP.

“Best Buy’s belief that technology changes lives is in sync with Brown Venture Group’s premise that focusing on technology entrepreneurs not only will create greater economic flourishing in communities of color, it will also unlock previously unrealized innovative capacity in the marketplace,” said Brown Venture Group Co-Founder and Managing Partner, Dr. Chris Brooks.

Brown Venture Group plans to invest in technology startups in various industries including clean energy and retail across the country as well as leverage the abundant startup talent that exists within the region and state of Minnesota.

About Brown Venture Group
Launched in 2018, Brown Venture Group, LLC, is a venture capital firm exclusively for Black, Latino and Indigenous technology startups. Brown Venture Group is writing a new playbook for both those interested in launching a minority-owned technology startup and those interested in investing in new technologies. For more information go to brownventuregroup.com.

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SOURCE Brown Venture Group LLC

August 5, 2021 7:06 am

Bit Digital Featured in Bloomberg In-Depth Video Report

PR Newswire

NEW YORK, Aug. 5, 2021 /PRNewswire/ — Bit Digital, Inc. (Nasdaq: BTBT) (“Bit Digital” or the “Company”), a bitcoin mining company headquartered in New York with one of the largest currently-owned fleets among US listed bitcoin miners, was the focus of an in-depth video report by Bloomberg L.P. on its operations and efforts to utilize carbon neutral energy sources for mining. The video was released on July 1st.

Bit Digital’s CEO Bryan Bullett and CFO Erke Huang were interviewed in the Company’s New York headquarters and on-site at one of Bit Digital’s US mining facilities. The video recording is available above.

“Bit Digital appreciates Bloomberg’s coverage of the important topic of sustainability in bitcoin mining operations, and for highlighting some of our efforts in this regard,” commented CEO Bryan Bullett.

About Bit Digital

Bit Digital, Inc. is a bitcoin mining company headquartered in New York City with one of the largest currently-owned fleets among US listed bitcoin miners. Our mining operations are in the United States and Canada. For additional information, please contact Samir Tabar at [email protected] or visit our website at www.bit-digital.com.

Investor Notice

Investing in our securities involves a high degree of risk. Before making an investment decision, you should carefully consider the risks, uncertainties and forward-looking statements described under “Risk Factors” in Item 3.D of our most recent Annual Report on Form 20-F for the fiscal year ended December 31, 2020. If any material risk was to occur, our business, financial condition or results of operations would likely suffer. In that event, the value of our securities could decline and you could lose part or all of your investment. The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. In addition, our past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results in the future. Future changes in the network-wide mining difficulty rate or Bitcoin hash rate, as well as other factors beyond our control, may also materially affect the future performance of Bit Digital’s production of bitcoin. Additionally, all discussions of financial metrics assume mining difficulty rates as of August 2021. See “Safe Harbor Statement” below.

Safe Harbor Statement

This press release may contain certain “forward-looking statements” relating to the business of Bit Digital, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions, involving known and unknown risks and uncertainties. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the company does not assume a duty to update these forward-looking statements.

Tenneco Delivers Solid Second Quarter 2021 Results

Strong execution on year-over-year revenue growth delivered margin expansion and higher cash flow

Reconfirms midpoint of full-year adjusted EBITDA guidance

PR Newswire

LAKE FOREST, Ill., Aug. 5, 2021 /PRNewswire/ — Tenneco (NYSE: TEN) today announced results for the second quarter ended June 30, 2021, including the following:

Higher total revenue, up 74% year-over-year to $4.6 billion. Value-add revenue increased to $3.5 billion, 68% higher versus second quarter 2020, excluding positive currency impact of $117 million.
The Company reported a net loss of $10 million, or $(0.12) per diluted share, versus a net loss of $350 million or $(4.30) per diluted share in the second quarter 2020. This quarter’s net loss was primarily due to one-time charges related to the Accelerate+ structural cost improvement program.
Adjusted net income for the quarter was $69 million, or $0.84 per diluted share, an improvement of $244 million, or $2.99 per diluted share, as compared to prior year.
EBIT* jumped to $127 million, compared to a loss of $375 million in second quarter 2020. EBIT as a percent of revenue increased to 2.8% versus -14.2% in the prior year.
Adjusted EBITDA** climbed to $356 million, compared to $8 million in second quarter 2020. Adjusted EBITDA as a percent of value-add revenue improved to 10.2%, versus 0.4% last year.
Stronger first half 2021 cash flow and higher earnings resulted in a 1.4x improvement in the Company’s net leverage ratio*** compared to December 31, 2020.

With strong execution on year-over-year revenue growth, Tenneco delivered margin expansion and higher cash flow in Q2

“Solid operational performance on higher revenue and structural cost savings from the Accelerate+ program drove margin expansion and cash generation,” said Brian Kesseler, Tenneco CEO. “The global Tenneco team remained focused on driving operational improvements while managing through challenging market conditions, and our cash flow conversion focus continued to deliver net debt reduction.”

Outlook
For 2021, Tenneco has updated its full year guidance ranges, reconfirmed the midpoint of its full-year adjusted EBITDA guidance of $1.4 billion and continues to expect its net debt to fall below $4.2 billion at year-end.

Full Year 2021		Second Half 2021
Revenue	$18.3 – 18.6B	Revenue	$9.0 – 9.3B
Value-Add Revenue	$13.8 – 14.1B	Value-Add Revenue	$6.7 – 7.0B
Adjusted EBITDA**	$1.36 – 1.44B	Adjusted EBITDA**	$616 – 696M
Net Debt ⁽¹⁾	<$4.2B

(1) Total debt net of total cash balances.

* EBIT: Earnings before interest expense, income taxes and noncontrolling interests.

** Adjusted EBITDA: Adjusted earnings before interest expense, income taxes, noncontrolling interests, and depreciation and amortization.

*** Net leverage ratio: Ratio of debt net of total cash balances to adjusted LTM EBITDA including noncontrolling interests.

“We remain committed to our strategic priorities to create shareholder value in the near-term through net debt reduction, and in the long-term by delivering sustained growth from prioritized investments, particularly in the Motorparts and Performance Solutions segments,” Kesseler added. “Our global team is focused on driving continuous improvements that keep our team members safe, our operations productive and our customers successful.”

Earnings Conference Call Details
The Company will report its second quarter 2021 financial results before the market opens on Thursday, August 5, 2021 and host a webcast conference call the same day at 9:30 a.m. ET. The purpose of the call is to discuss the Company’s financial results for the second quarter 2021, as well as to provide other information regarding the company’s outlook.

A live “listen only” webcast and presentation materials will be available on the investor section of the company’s website at https://investors.tenneco.com. An archive of the webcast will be available approximately one hour after conclusion of the call for one year.

Telephone participants are encouraged to pre-register for the conference call using the following link:
https://dpregister.com/sreg/10158015/ea28a7cdc2

Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

Those without internet access or unable to pre-register may dial in, using the passcode “Tenneco Inc.”

PARTICIPANT DIAL IN (TOLL FREE): 1-833-366-1121
PARTICIPANT INTERNATIONAL DIAL IN: 1-412-902-6733

Attachment 1
Statements of Income (Loss) – 3 months
Statements of Income (Loss) – 6 months
Balance Sheets
Statements of Cash Flows – 3 Months
Statements of Cash Flows – 6 Months

Attachment 2
Reconciliation of GAAP to Non-GAAP Earnings Measures – 3 Months
Reconciliation of GAAP to Non-GAAP Earnings Measures – 6 Months
Reconciliation of GAAP Revenue and Earnings to Non-GAAP Revenue and Earnings Measures – 3 and 6 Months
Reconciliation of GAAP Revenue to Non-GAAP Revenue Measures – 3 and 6 Months
Reconciliation of Non-GAAP Measures – Debt Net of Total Cash/Adjusted LTM EBITDA including noncontrolling interests
Reconciliation of GAAP to Non-GAAP Revenue Measures – Original Equipment, Original Equipment Service and Aftermarket Revenue – 3 and 6 Months

About Tenneco
Tenneco is one of the world’s leading designers, manufacturers and marketers of automotive products for original equipment and aftermarket customers, with full year 2020 revenues of $15.4 billion and approximately 73,000 team members working at more than 270 sites worldwide. Through our four business groups, Motorparts, Performance Solutions, Clean Air and Powertrain, Tenneco is driving advancements in global mobility by delivering technology solutions for diversified global markets, including light vehicle, commercial truck, off-highway, industrial, motorsport and the aftermarket.

Visit www.tenneco.com to learn more.

Investors and others should note that Tenneco routinely posts important information on its website and considers the Investor section, www.investors.tenneco.com, a channel of distribution.

About Guidance

Revenue estimates and other forecasted information in this release are based on OE manufacturers’ programs that have been formally awarded to the company; programs where Tenneco is highly confident that it will be awarded business based on informal customer indications consistent with past practices; and Tenneco’s status as supplier for the existing program and its relationship with the customer. This information is also based on anticipated vehicle production levels and pricing, including precious metals pricing and the impact of material cost changes. Unless otherwise indicated, our methodology does not attempt to forecast currency fluctuations, and accordingly, reflects constant currency. Certain elements of the restructuring and related expenses, legal settlements, substrate pricing, and other unusual charges we incur from time to time cannot be forecasted accurately. In this respect, we are not able to forecast corresponding GAAP measures without unreasonable efforts on account of these factors and other factors not in our control.

Safe Harbor

This press release contains forward-looking statements. The words “will,” “would,” “could,” “expect,” “anticipate,” and similar expressions (and variations thereof), identify these forward-looking statements. These forward-looking statements are based on the current expectations of the Company (including its subsidiaries). Because these statements involve risks and uncertainties, actual results may differ materially from the expectations expressed in the forward-looking statements.

Important factors that could cause actual results to differ materially from the expectations reflected in the forward-looking statements include: general economic, business, market and social conditions, including the effects of the COVID-19 pandemic; our ability (or inability) to successfully execute cost reduction, performance improvement and other plans, including our plans in response to the COVID-19 pandemic and our previously announced accelerated performance improvement plan (“Accelerate”), and to realize the anticipated benefits from these plans; disasters, local and global public health emergencies or other catastrophic events, where we or our customers do business, and any resultant disruptions; changes in capital availability or costs, including increases in our cost of borrowing (i.e., interest rate increases), the amount of our debt, our ability to access capital markets at favorable rates, and the credit ratings of our debt and our financial flexibility to respond to COVID-19 pandemic; our ability to comply with the covenants contained in the agreements governing our indebtedness and otherwise have sufficient liquidity through the COVID-19 pandemic; our working capital requirements; our ability to source and procure needed materials, components and other products, and services in accordance with customer demand and at competitive prices; supply chain disruptions, including constraints on steel and semiconductors and resulting increases in costs, impacting our company, our customers or the automotive industry; the cost and outcome of existing and any future claims, legal proceedings or investigations; changes in consumer demand for our OE products or aftermarket products, prices and our ability to have our products included on top selling vehicles, including any shifts in consumer preferences; the continued evolution of the automotive industry towards car and ride sharing and autonomous vehicles; to the announced plans, in an effort to reduce greenhouse gas emissions, of governments and vehicle manufacturers to limit production of diesel and gasoline powered vehicles in various national and local jurisdictions globally; the cyclical nature of the global vehicle industry, including the performance of the global aftermarket sector and the impact of vehicle parts’ longer product lives; changes in automotive and commercial vehicle manufacturers’ production rates and their actual and forecasted requirements for our products, due to difficult economic conditions and/or regulatory or legal changes affecting internal combustion engines and/or aftermarket products; our dependence on certain large customers, including the loss of any of our large OE manufacturer customers (on whom we depend for a substantial portion of our revenues), or the loss of market shares by these customers if we are unable to achieve increased sales to other OE-customers or any change in customer demand due to delays in the adoption or enforcement of worldwide emissions regulations; the overall highly competitive nature of the automotive and commercial vehicle parts industries, and any resultant inability to realize the sales represented by our awarded book of business (which is based on anticipated pricing and volumes over the life of the applicable program); risks inherent in operating a multi-national company; damage to the reputation of one or more of our leading brands; industry-wide strikes, labor disruptions at our facilities or any labor or other economic disruptions at any of our significant customers or suppliers or any of our customers’ other suppliers; changes in distribution channels or competitive conditions in the markets and countries where we operate; customer acceptance of new products; our ability to successfully integrate, and benefit from, any acquisitions that we complete; the potential impairment in the carrying value of our long-lived assets, goodwill, and other intangible assets or the inability to fully realize our deferred tax assets; increases in the costs of raw materials or components, including our ability to successfully reduce the impact of any such cost increases through materials substitutions, cost reduction initiatives, customer recovery and other methods; the impact of the extensive, increasing, and changing laws and regulations to which we are subject, including environmental laws and regulations, which may result in our incurrence of environmental liabilities in excess of the amount reserved or increased costs or loss of revenues relating to products subject to changing regulation; and the timing and occurrence (or non-occurrence) of other transactions, events and circumstances which may be beyond our control.

In addition, statements regarding the Company’s ongoing review of strategic alternatives and the potential separation of the Company into a powertrain technology company and an aftermarket and ride performance company constitute forward-looking statements. Important factors that could cause actual results to differ materially from the expectations reflected in the forward-looking statements include (in addition to the risks set forth above): the ability to identify and consummate strategic alternatives that yield additional value for shareholders; the timing, benefits and outcome of the Company’s strategic review process; the structure, terms and specific risk and uncertainties associated with any potential strategic alternative; potential disruptions in our business and stock price as a result of our exploration, review and pursuit of any strategic alternatives; the possibility that the Company may not complete a separation of the aftermarket and ride performance business from the powertrain technology business (or achieve some or all of the anticipated benefits of such a separation on the timeline contemplated or at all); the ability to retain and hire key personnel and maintain relationships with customers, suppliers or other business partners; the potential diversion of management’s attention resulting from a separation or other strategic alternative; the risk the combined company and each separate company following a separation will underperform relative to our expectations; the ongoing transaction costs and risk that we may incur greater costs following a separation of the business or other strategic alternative; and the risk a separation is determined to be a taxable transaction.

The risks included here are not exhaustive. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release. Additional information regarding these risk factors and uncertainties is, and will be, detailed from time to time in the Company’s SEC filings, including but not limited to its annual report on Form 10-K for the year ended December 31, 2020, and quarterly report on Form 10-Q for the quarter ended March 31, 2021.

Investor inquiries:

Linae Golla

847-482-5162
[email protected]

Rich Kwas
248-849-1340
[email protected]

Media inquiries:

Bill Dawson

847-482-5807
[email protected]

ATTACHMENT 1
TENNECO INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Unaudited
(millions, except per share amounts)

	Three Months Ended June 30,
	2021		2020*
Net sales and operating revenues:
Motorparts	$	794	$	559
Performance Solutions	715		378
Clean Air – Value-add revenues	943		517
Clean Air – Substrate sales	1,081		623
Powertrain	1,050		560
Total net sales and operating revenues	4,583		2,637
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization)	3,973		2,498
Selling, general, and administrative	269		195
Depreciation and amortization	145		159
Engineering, research, and development	73		55
Restructuring charges, net and asset impairments	27		121
Total costs and expenses	4,487		3,028
Other income (expense):
Non-service pension and postretirement benefit (costs) credits	3		1
Equity in earnings (losses) of nonconsolidated affiliates, net of tax	15		4
Other income (expense), net	13		11
	31		16
Earnings (loss) before interest expense, income taxes, and noncontrolling interests	127		(375)
Interest expense	(69)		(66)
Earnings (loss) before income taxes and noncontrolling interests	58		(441)
Income tax (expense) benefit	(41)		101
Net income (loss)	17		(340)
Less: Net income (loss) attributable to noncontrolling interests	27		10
Net income (loss) attributable to Tenneco Inc.	$	(10)	$	(350)

Basic earnings (loss) per share:
Earnings (loss) per share	$	(0.12)	$	(4.30)
Weighted average shares outstanding	82.3		81.4
Diluted earnings (loss) per share:
Earnings (loss) per share	$	(0.12)	$	(4.30)
Weighted average shares outstanding	82.3		81.4



* Beginning in the first quarter of 2021, the Company made a change to its operating segments. This change consisted of moving a reporting unit within the Powertrain segment to the Ride Performance segment. In addition, with this change to its segments, Ride Performance was renamed Performance Solutions. As such, prior period operating segment results have been conformed to reflect the Company’s current operating segments.

ATTACHMENT 1
TENNECO INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Unaudited
(millions, except per share amounts)
	Six Months Ended June 30,
	2021		2020*
Net sales and operating revenues:
Motorparts	$	1,513	$	1,265
Performance Solutions	1,502		1,047
Clean Air – Value-add revenues	1,979		1,362
Clean Air – Substrate sales	2,169		1,323
Powertrain	2,151		1,476
Total net sales and operating revenues	9,314		6,473
Costs and expenses:
Cost of sales (exclusive of depreciation and amortization)	8,034		5,837
Selling, general, and administrative	524		444
Depreciation and amortization	300		330
Engineering, research, and development	145		132
Restructuring charges, net and asset impairments	52		605
Goodwill and intangible impairment charges	—		383
Total costs and expenses	9,055		7,731
Other income (expense):
Non-service pension and postretirement benefit (costs) credits	6		2
Equity in earnings (losses) of nonconsolidated affiliates, net of tax	37		17
Gain (loss) on extinguishment of debt	8		—
Other income (expense), net	21		19
	72		38
Earnings (loss) before interest expense, income taxes, and noncontrolling interests	331		(1,220)
Interest expense	(139)		(141)
Earnings (loss) before income taxes and noncontrolling interests	192		(1,361)
Income tax (expense) benefit	(88)		195
Net income (loss)	104		(1,166)
Less: Net income (loss) attributable to noncontrolling interests	49		23
Net income (loss) attributable to Tenneco Inc.	$	55	$	(1,189)

Basic earnings (loss) per share:
Earnings (loss) per share	$	0.68	$	(14.64)
Weighted average shares outstanding	82.1		81.3
Diluted earnings (loss) per share:
Earnings (loss) per share	$	0.67	$	(14.64)
Weighted average shares outstanding	83.1		81.3


* Beginning in the first quarter of 2021, the Company made a change to its operating segments. This change consisted of moving a reporting unit within the Powertrain segment to the Ride Performance segment. In addition, with this change to its segments, Ride Performance was renamed Performance Solutions. As such, prior period operating segment results have been conformed to reflect the Company’s current operating segments.

ATTACHMENT 1
TENNECO INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(dollars in millions)

	June 30, 2021			December 31, 2020
Assets
Cash and cash equivalents	$	713		$	798
Restricted cash	6			5
Receivables, net	2,747		(a)	2,528		(a)
Inventories	1,920			1,743
Prepayments and other current assets	619			619
Other noncurrent assets	2,980			3,102
Property, plant, and equipment, net	2,956			3,057
Total assets	$	11,941		$	11,852
Liabilities and Shareholders’ Equity
Short-term debt, including current maturities of long-term debt	$	126		$	162
Accounts payable	3,101			2,917
Accrued compensation and employee benefits	456			365
Accrued income taxes	69			54
Accrued expenses and other current liabilities	1,061			1,188
Long-term debt	5,081		(b)	5,171		(b)
Deferred income taxes	96			89
Pension and postretirement benefits	1,057			1,101
Deferred credits and other liabilities	514			546
Redeemable noncontrolling interests	108			78
Total Tenneco Inc. shareholders’ equity (deficit)	(42)			(119)
Noncontrolling interests	314			300
Total liabilities, redeemable noncontrolling interests, and equity	$	11,941		$	11,852

	June 30, 2021		December 31, 2020
(a) Accounts receivable net of:
Accounts receivable outstanding and derecognized	$	992	$	956

(b) Long-term debt composed of:
Revolver Borrowings	$	—	$	—
LIBOR plus 2.00% Term Loan A due 2019 through 2023⁽¹⁾	1,458		1,520
LIBOR plus 3.00% Term Loan B due 2019 through 2025	1,609		1,612
$225 million of 5.375% Senior Notes due 2024	223		223
$500 million of 5.000% Senior Notes due 2026	495		494
€300 million of Euribor plus 4.875% Euro Floating Rate Notes due 2024⁽²⁾	—		370
€350 million of 5.000% Euro Fixed Rate Notes due 2024⁽²⁾	—		445
$500 million of 7.875% Senior Secured Notes due 2029	490		489
$800 million of 5.125% Senior Secured Notes due 2029⁽³⁾	786		—
Other debt, primarily foreign instruments	27		23
	5,088		5,176
Less: maturities classified as current	7		5
Total long-term debt	$	5,081	$	5,171


(1)	The interest rate on Term Loan A at December 31, 2020 was LIBOR plus 2.50%.
(2)	The Company satisfied and discharged all of its 4.875% Euro Floating Rate Notes due 2024 and 5.000% Euro Fixed Rate Notes due 2024 on March 17, 2021.
(3)	On March 17, 2021, the Company issued $800 million aggregate principal amount of 5.125% senior secured notes due April 15, 2029.

ATTACHMENT 1
TENNECO INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(dollars in millions)

	Three Months Ended June 30,
	2021		2020
Operating Activities
Net income (loss)	$	17	$	(340)
Adjustments to reconcile net income (loss) to cash (used) provided by operating activities:
Depreciation and amortization	145		159
Deferred income taxes	16		(76)
Stock-based compensation	4		7
Restructuring charges and asset impairments, net of cash paid	3		86
Change in pension and other postretirement benefit plans	(10)		(7)
Equity in earnings of nonconsolidated affiliates	(15)		(4)
Cash dividends received from nonconsolidated affiliates	1		5
Loss (gain) on sale of assets and other	2		(1)
Changes in operating assets and liabilities:
Receivables	(29)		35
Inventories	(73)		365
Payables and accrued expenses	9		(404)
Accrued interest and accrued income taxes	26		(46)
Other assets and liabilities	(23)		42
Net cash (used) provided by operating activities	73		(179)
Investing Activities
Proceeds from sale of assets	5		3
Proceeds from sale of investment in nonconsolidated affiliates	3		—
Cash payments for property, plant, and equipment	(90)		(75)
Proceeds from deferred purchase price of factored receivables	139		35
Other	—		(1)
Net cash (used) provided by investing activities	57		(38)
Financing Activities
Proceeds from term loans and notes	25		29
Repayments of term loans and notes	(77)		(49)
Debt issuance costs of long-term debt	(1)		(8)
Borrowings on revolving lines of credit	1,494		1,660
Payments on revolving lines of credit	(1,477)		(877)
Net increase (decrease) in bank overdrafts	—		61
Distributions to noncontrolling interest partners	(1)		—
Other	(22)		(12)
Net cash (used) provided by financing activities	(59)		804
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	17		14
Increase (decrease) in cash, cash equivalents, and restricted cash	88		601
Cash, cash equivalents, and restricted cash, beginning of period	631		770
Cash, cash equivalents, and restricted cash, end of period	$	719	$	1,371
Supplemental Cash Flow Information
Cash paid during the period for interest	$	35	$	56
Cash paid during the period for income taxes, net of refunds	$	16	$	34
Lease assets obtained in exchange for new operating lease liabilities	$	11	$	3
Non-cash inventory charge due to aftermarket product line exit	$	44	$	82
Non-cash Investing Activities
Period end balance of accounts payable for property, plant, and equipment	$	86	$	86
Deferred purchase price of receivables factored in the period	$	131	$	35

ATTACHMENT 1
TENNECO INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(dollars in millions)

	Six Months Ended June 30,
	2021		2020
Operating Activities
Net income (loss)	$	104	$	(1,166)
Adjustments to reconcile net income (loss) to cash (used) provided by operating activities:
Goodwill and intangible impairment charges	—		383
Depreciation and amortization	300		330
Deferred income taxes	12		(242)
Stock-based compensation	9		9
Restructuring charges and asset impairments, net of cash paid	3		540
Change in pension and other postretirement benefit plans	(11)		(26)
Equity in earnings of nonconsolidated affiliates	(37)		(17)
Cash dividends received from nonconsolidated affiliates	58		18
Loss (gain) on sale of assets and other	(7)		(1)
Changes in operating assets and liabilities:
Receivables	(481)		174
Inventories	(193)		292
Payables and accrued expenses	249		(540)
Accrued interest and accrued income taxes	34		(17)
Other assets and liabilities	(17)		(68)
Net cash (used) provided by operating activities	23		(331)
Investing Activities
Proceeds from sale of assets	12		5
Net proceeds from sale of business	1		—
Proceeds from sale of investment in nonconsolidated affiliates	3		—
Cash payments for property, plant, and equipment	(185)		(212)
Proceeds from deferred purchase price of factored receivables	254		91
Other	—		1
Net cash (used) provided by investing activities	85		(115)
Financing Activities
Proceeds from term loans and notes	838		96
Repayments of term loans and notes	(939)		(133)
Debt issuance costs of long-term debt	(12)		(16)
Borrowings on revolving lines of credit	2,876		4,821
Payments on revolving lines of credit	(2,871)		(3,536)
Issuance (repurchase) of common shares	(2)		(1)
Net increase (decrease) in bank overdrafts	—		59
Distributions to noncontrolling interest partners	(8)		(2)
Payments on securitization programs and other	(71)		(1)
Net cash (used) provided by financing activities	(189)		1,287
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	(3)		(36)
Increase (decrease) in cash, cash equivalents, and restricted cash	(84)		805
Cash, cash equivalents, and restricted cash, beginning of period	803		566
Cash, cash equivalents, and restricted cash, end of period	$	719	$	1,371
Supplemental Cash Flow Information
Cash paid during the period for interest	$	100	$	123
Cash paid during the period for income taxes, net of refunds	$	62	$	75
Lease assets obtained in exchange for new operating lease liabilities	$	26	$	54
Non-cash inventory charge due to aftermarket product line exit	$	44	$	82
Non-cash Investing Activities
Period end balance of accounts payable for property, plant, and equipment	$	86	$	86
Deferred purchase price of receivables factored in the period	$	266	$	95
Reduction in assets from redeemable noncontrolling interest transaction with owner	$	—	$	53

ATTACHMENT 2
TENNECO INC.
RECONCILIATION OF GAAP⁽¹⁾ TO NON-GAAP EARNINGS MEASURES⁽²⁾
Unaudited
(dollars in millions, except per share amounts)

	Q2 2021												Q2 2020
	Net income (loss) attributable to Tenneco Inc.		Per Share		Net income (loss) attributable to noncontrolling interests		Income tax (expense) benefit		EBIT		EBITDA ₍₃₎		Net income (loss) attributable to Tenneco Inc.		Per Share		Net income (loss) attributable to noncontrolling interests		Income tax (expense) benefit		EBIT		EBITDA ₍₃₎
Earnings (Loss) Measures	$	(10)	$	(0.12)	$	27	$	(41)	$	127	$	272	$	(350)	$	(4.30)	$	10	$	101	$	(375)	$	(216)

Adjustments:

Restructuring and related expenses ⁽⁵⁾	29		0.35		—		(2)		31		31		82		1.00		—		(25)		107		105

Inventory write-down ⁽⁶⁾	44		0.53		—		—		44		44		63		0.78		—		(19)		82		82

Asset impairments ⁽⁷⁾	4		0.05		—		1		3		3		22		0.27		—		(7)		29		29

Other costs (including strategic and transaction related)⁽⁸⁾	5		0.06		—		—		5		5		6		0.08		—		(2)		8		8

Loss on sale of unconsolidated JV affiliate	1		0.01		—		—		1		1		—		—		—		—		—		—

Net tax adjustments	(4)		(0.04)		—		(4)		—		—		2		0.02		—		2		—		—

Adjusted Net income, EPS, NCI, Tax, EBIT, and EBITDA ⁽⁴⁾	$	69	$	0.84	$	27	$	(46)	$	211	$	356	$	(175)	$	(2.15)	$	10	$	50	$	(149)	$	8

	Q2 2021
	Global Segments
	Motorparts		Performance Solutions		Clean Air		Powertrain		Total		Corporate		Total
Net income (loss) attributable to Tenneco Inc.													$	(10)
Net income (loss) attributable to noncontrolling interests													27
Net income (loss)													17
Income tax (expense) benefit													(41)
Interest expense													(69)
EBIT, Earnings (Loss) before interest expense, income taxes and noncontrolling interests													127
Depreciation and amortization													145
Total EBITDA including noncontrolling interests ⁽³⁾	$	67	$	32	$	143	$	94	$	336	$	(64)	$	272
Restructuring and related expenses ⁽⁵⁾	6		9		2		8		25		6		31
Inventory write-down ⁽⁶⁾	44		—		—		—		44		—		44
Asset impairments⁽⁷⁾	1		—		—		—		1		2		3
Loss on sale of unconsolidated JV affiliate	—		1		—		—		1		—		1
Other costs (including strategic and transaction related) ⁽⁸⁾	—		—		1		—		1		4		5
Adjusted EBITDA ⁽⁴⁾	$	118	$	42	$	146	$	102	$	408	$	(52)	$	356

	Q2 2020*
	Global Segments
	Motorparts		Performance Solutions		Clean Air		Powertrain		Total		Corporate		Total
Net income (loss) attributable to Tenneco Inc.													$	(350)
Net income (loss) attributable to noncontrolling interests													10
Net income (loss)													(340)
Income tax (expense) benefit													101
Interest expense													(66)
EBIT, Earnings (Loss) before interest expense, income taxes and noncontrolling interests													(375)
Depreciation and amortization													159
Total EBITDA including noncontrolling interests ⁽³⁾	$	(52)	$	(63)	$	17	$	(69)	$	(167)	$	(49)	$	(216)
Restructuring and related expenses ⁽⁵⁾	17		29		21		37		104		1		105
Inventory write-down ⁽⁶⁾	82		—		—		—		82		—		82
Asset impairments ⁽⁷⁾	24		—		—		4		28		1		29
Other costs (including strategic and transaction related) ⁽⁸⁾	—		—		—		—		—		8		8
Adjusted EBITDA ⁽⁴⁾	$	71	$	(34)	$	38	$	(28)	$	47	$	(39)	$	8


* Beginning in the first quarter of 2021, the Company made a change to its operating segments. This change consisted of moving a reporting unit within the Powertrain segment to the Ride Performance segment. In addition, with this change to its segments, Ride Performance was renamed Performance Solutions. As such, prior period operating segment results have been conformed to reflect the Company’s current operating segments.

(1) U.S. Generally Accepted Accounting Principles.

(2) Tenneco presents the above reconciliation of GAAP to non-GAAP earnings measures primarily to reflect the results in a manner that allows a better understanding of the results of operational activities separate from the financial impact of decisions made for the long-term benefit of the company and other items impacting comparability between the periods. Adjustments similar to the ones reflected above have been recorded in earlier periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Using only the non-GAAP earnings measures to analyze earnings would have material limitations because its calculation is based on the subjective determinations of management regarding the nature and classification of events and circumstances that investors may find material. Management compensates for these limitations by utilizing both GAAP and non-GAAP earnings measures reflected above to understand and analyze the results of the business. The company believes investors find the non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the company’s financial results in any particular period.

(3) EBITDA including noncontrolling interests represents income before interest expense, income taxes, noncontrolling interests and depreciation and amortization. EBITDA including noncontrolling interests is not a calculation based upon GAAP. The amounts included in the EBITDA including noncontrolling interests calculation, however, are derived from amounts included in the historical statements of income data. In addition, EBITDA including noncontrolling interests should not be considered as an alternative to net income attributable to Tenneco Inc. or operating income as an indicator of the company’s operating performance, or as an alternative to operating cash flows as a measure of liquidity. Tenneco has presented EBITDA including noncontrolling interests because it regularly reviews EBITDA including noncontrolling interests as a measure of the company’s performance. In addition, Tenneco believes its investors utilize and analyze the company’s EBITDA including noncontrolling interests for similar purposes. Tenneco also believes EBITDA including noncontrolling interests assists investors in comparing a company’s performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors. However, the EBITDA including noncontrolling interests measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.

(4) Adjusted results are presented in order to reflect the results in a manner that allows a better understanding of operational activities separate from the financial impact of decisions made for the long term benefit of the company and other items impacting comparability between periods. Similar adjustments have been recorded in earlier periods and similar types of adjustments can reasonably be expected to be recorded in future periods. The company believes investors find the non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the company’s financial results in any particular period.

(5) Q2 2020 includes $2 million of accelerated depreciation related to plant closures.

(6) Non-cash charge to write-down inventory to its net realizable value.

(7) Asset impairment charges.

(8) Amounts in Q2 2020 included costs related to the acquisitions and expected separation.

ATTACHMENT 2
TENNECO INC.
RECONCILIATION OF GAAP⁽¹⁾ TO NON-GAAP EARNINGS MEASURES⁽²⁾
Unaudited
(dollars in millions, except per share amounts)

	Q2 2021 YTD												Q2 2020 YTD
	Net income (loss) attributable to Tenneco Inc.		Per Share		Net income (loss) attributable to noncontrolling interests		Income tax (expense) benefit		EBIT		EBITDA ₍₃₎		Net income (loss) attributable to Tenneco Inc.		Per Share		Net income (loss) attributable to noncontrolling interests		Income tax (expense) benefit		EBIT		EBITDA ₍₃₎
Earnings (Loss) Measures	$	55	$	0.67	$	49	$	(88)	$	331	$	631	$	(1,189)	$	(14.64)	$	23	$	195	$	(1,220)	$	(890)

Adjustments:

Restructuring and related expenses ⁽⁵⁾	57		0.67		—		(5)		62		59		113		1.38		—		(33)		146		139

Inventory write-down ⁽⁶⁾	44		0.53		—		—		44		44		63		0.78		—		(19)		82		82

Goodwill and intangible impairment charge ⁽⁷⁾	—		—		—		—		—		—		366		4.52		5		(12)		383		383

Asset impairments ⁽⁸⁾	4		0.05		—		1		3		3		393		4.84		7		(100)		500		500

Other costs (including strategic and transaction related)⁽⁹⁾	13		0.15		—		—		13		13		25		0.31		—		(8)		33		33

Loss on sale of unconsolidated JV affiliate	1		0.01		—		—		1		1		—		—		—		—		—		—

Loss on sale of business	—		0.01		—		(1)		1		1		—		—		—		—		—		—

Gain on debt extinguishment	(8)		(0.10)		—		—		(8)		(8)		—		—		—		—		—		—

Noncontrolling interests adjustments ⁽¹⁰⁾	—		—		—		—		—		—		11		0.14		(11)		—		—		—

Net tax adjustments	(7)		(0.08)		—		(7)		—		—		17		0.20		—		17		—		—

Adjusted Net income, EPS, NCI, Tax, EBIT, and EBITDA ⁽⁴⁾	$	159	$	1.91	$	49	$	(100)	$	447	$	744	$	(201)	$	(2.47)	$	24	$	40	$	(76)	$	247

	Q2 2021 YTD
	Global Segments
	Motorparts		Performance Solutions		Clean Air		Powertrain		Total		Corporate		Total
Net income (loss) attributable to Tenneco Inc.													$	55
Net income (loss) attributable to noncontrolling interests													49
Net income (loss)													104
Income tax (expense) benefit													(88)
Interest expense													(139)
EBIT, Earnings (Loss) before interest expense, income taxes and noncontrolling interests													331
Depreciation and amortization													300
Total EBITDA including noncontrolling interests ⁽³⁾	$	169	$	75	$	292	$	209	$	745	$	(114)	$	631
Restructuring and related expenses ⁽⁵⁾	8		13		11		19		51		8		59
Inventory write-down ⁽⁶⁾	44		—		—		—		44		—		44
Loss on sale of business	1		—		—		—		1		—		1
Asset impairments ⁽⁸⁾	1		—		—		—		1		2		3
Loss on sale of unconsolidated JV affiliate	—		1		—		—		1		—		1
Other costs (including strategic and transaction related) ⁽⁹⁾	—		—		—		—		—		13		13
Gain on debt extinguishment	—		—		—		—		—		(8)		(8)
Adjusted EBITDA ⁽⁴⁾	$	223	$	89	$	303	$	228	$	843	$	(99)	$	744

	Q2 2020 YTD*
	Global Segments
	Motorparts		Performance Solutions		Clean Air		Powertrain		Total		Corporate		Total
Net income (loss) attributable to Tenneco Inc.													$	(1,189)
Net income (loss) attributable to noncontrolling interests													23
Net income (loss)													(1,166)
Income tax (expense) benefit													195
Interest expense													(141)
EBIT, Earnings (Loss) before interest expense, income taxes and noncontrolling interests													(1,220)
Depreciation and amortization													330
Total EBITDA including noncontrolling interests ⁽³⁾	$	(92)	$	(737)	$	116	$	(42)	$	(755)	$	(135)	$	(890)
Restructuring and related expenses ⁽⁵⁾	20		54		22		37		133		6		139
Inventory write-down ⁽⁶⁾	82		—		—		—		82		—		82
Goodwill and intangible impairment charges ⁽⁷⁾	110		232		—		41		383		—		383
Asset impairments ⁽⁸⁾	24		455		—		4		483		17		500
Other costs (including strategic and transaction related) ⁽⁹⁾	—		—		4		—		4		29		33
Adjusted EBITDA ⁽⁴⁾	$	144	$	4	$	142	$	40	$	330	$	(83)	$	247


* Beginning in the first quarter of 2021, the Company made a change to its operating segments. This change consisted of moving a reporting unit within the Powertrain segment to the Ride Performance segment. In addition, with this change to its segments, Ride Performance was renamed Performance Solutions. As such, prior period operating segment results have been conformed to reflect the Company’s current operating segments.

(1) U.S. Generally Accepted Accounting Principles.

(2) Tenneco presents the above reconciliation of GAAP to non-GAAP earnings measures primarily to reflect the results in a manner that allows a better understanding of the results of operational activities separate from the financial impact of decisions made for the long-term benefit of the company and other items impacting comparability between the periods. Adjustments similar to the ones reflected above have been recorded in earlier periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. Using only the non-GAAP earnings measures to analyze earnings would have material limitations because its calculation is based on the subjective determinations of management regarding the nature and classification of events and circumstances that investors may find material. Management compensates for these limitations by utilizing both GAAP and non-GAAP earnings measures reflected above to understand and analyze the results of the business. The company believes investors find the non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the company’s financial results in any particular period.

(3) EBITDA including noncontrolling interests represents income before interest expense, income taxes, noncontrolling interests and depreciation and amortization. EBITDA including noncontrolling interests is not a calculation based upon GAAP. The amounts included in the EBITDA including noncontrolling interests calculation, however, are derived from amounts included in the historical statements of income data. In addition, EBITDA including noncontrolling interests should not be considered as an alternative to net income attributable to Tenneco Inc. or operating income as an indicator of the company’s operating performance, or as an alternative to operating cash flows as a measure of liquidity. Tenneco has presented EBITDA including noncontrolling interests because it regularly reviews EBITDA including noncontrolling interests as a measure of the company’s performance. In addition, Tenneco believes its investors utilize and analyze the company’s EBITDA including noncontrolling interests for similar purposes. Tenneco also believes EBITDA including noncontrolling interests assists investors in comparing a company’s performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors. However, the EBITDA including noncontrolling interests measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.

(4) Adjusted results are presented in order to reflect the results in a manner that allows a better understanding of operational activities separate from the financial impact of decisions made for the long term benefit of the company and other items impacting comparability between periods. Similar adjustments have been recorded in earlier periods and similar types of adjustments can reasonably be expected to be recorded in future periods. The company believes investors find the non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the company’s financial results in any particular period.

(5) Q2 YTD 2021 and Q2 YTD 2020 includes $3 million and $7 million of accelerated depreciation related to plant closures, respectively.

(6) Non-cash charge to write-down inventory to its net realizable value.

(7) Non-cash asset impairment charge related to goodwill and intangibles.

(8) Asset impairment charges.

(9) Amounts in Q2 YTD 2020 included costs related to the acquisitions and expected separation.

(10) Amount related to adjustments made to mark certain redeemable noncontrolling interests to their redemption values.

ATTACHMENT 2
TENNECO INC.
RECONCILIATION OF GAAP⁽¹⁾ REVENUE AND EARNINGS TO NON-GAAP REVENUE AND EARNINGS MEASURES⁽²⁾
Unaudited
(dollars in millions except percents)

	Q2 2021
	Global Segments
	Motorparts				Performance Solutions			Clean Air			Powertrain			Total			Corporate		Total
Net sales and operating revenues	$	794			$	715		$	2,024		$	1,050		$	4,583		$	—	$	4,583
Less: Substrate sales	—				—			1,081			—			1,081			—		1,081
Value-add revenues	$	794			$	715		$	943		$	1,050		$	3,502		$	—	$	3,502

EBITDA	$	67			$	32		$	143		$	94		$	336		$	(64)	$	272
EBITDA as a % of revenue	8.4		%		4.5		%	7.1		%	9.0		%	7.3		%			5.9		%
EBITDA as a % of value-add revenue	8.4		%	`	4.5		%	15.2		%	9.0		%	9.6		%			7.8		%

Adjusted EBITDA	$	118			$	42		$	146		$	102		$	408		$	(52)	$	356
Adjusted EBITDA as a % of revenue	14.9		%		5.9		%	7.2		%	9.7		%	8.9		%			7.8		%
Adjusted EBITDA as a % of value-add revenue	14.9		%		5.9		%	15.5		%	9.7		%	11.7		%			10.2		%

	Q2 2020
	Global Segments
	Motorparts			Performance Solutions			Clean Air				Powertrain			Total			Corporate		Total
Net sales and operating revenues	$	559		$	378		$	1,140			$	560		$	2,637		$	—	$	2,637
Less: Substrate sales	—			—			623				—			623			—		623
Value-add revenues	$	559		$	378		$	517			$	560		$	2,014		$	—	$	2,014

EBITDA	$	(52)		$	(63)		$	17			$	(69)		$	(167)		$	(49)	$	(216)
EBITDA as a % of revenue	(9.3)		%	(16.7)		%	1.5		%		(12.3)		%	(6.3)		%			(8.2)		%
EBITDA as a % of value-add revenue	(9.3)		%	(16.7)		%	3.3		%	`	(12.3)		%	(8.3)		%			(10.7)		%

Adjusted EBITDA	$	71		$	(34)		$	38			$	(28)		$	47		$	(39)	$	8
Adjusted EBITDA as a % of revenue	12.7		%	(9.0)		%	3.3		%		(5.0)		%	1.8		%			0.3		%
Adjusted EBITDA as a % of value-add revenue	12.7		%	(9.0)		%	7.4		%		(5.0)		%	2.3		%			0.4		%

	Q2 2021 YTD
	Global Segments
	Motorparts				Performance Solutions			Clean Air			Powertrain			Total			Corporate		Total
Net sales and operating revenues	$	1,513			$	1,502		$	4,148		$	2,151		$	9,314		$	—	$	9,314
Less: Substrate sales	—				—			2,169			—			2,169			—		2,169
Value-add revenues	$	1,513			$	1,502		$	1,979		$	2,151		$	7,145		$	—	$	7,145

EBITDA	$	169			$	75		$	292		$	209		$	745		$	(114)	$	631
EBITDA as a % of revenue	11.2		%		5.0		%	7.0		%	9.7		%	8.0		%			6.8		%
EBITDA as a % of value-add revenue	11.2		%	`	5.0		%	14.8		%	9.7		%	10.4		%			8.8		%

Adjusted EBITDA	$	223			$	89		$	303		$	228		$	843		$	(99)	$	744
Adjusted EBITDA as a % of revenue	14.7		%		5.9		%	7.3		%	10.6		%	9.1		%			8.0		%
Adjusted EBITDA as a % of value-add revenue	14.7		%		5.9		%	15.3		%	10.6		%	11.8		%			10.4		%


	Q2 2020 YTD
	Global Segments
	Motorparts				Performance Solutions			Clean Air			Powertrain			Total			Corporate		Total
Net sales and operating revenues	$	1,265			$	1,047		$	2,685		$	1,476		$	6,473		$	—	$	6,473
Less: Substrate sales	—				—			1,323			—			1,323			—		1,323
Value-add revenues	$	1,265			$	1,047		$	1,362		$	1,476		$	5,150		$	—	$	5,150

EBITDA	$	(92)			$	(737)		$	116		$	(42)		$	(755)		$	(135)	$	(890)
EBITDA as a % of revenue	(7.3)		%		(70.4)		%	4.3		%	(2.8)		%	(11.7)		%			(13.7)		%
EBITDA as a % of value-add revenue	(7.3)		%	`	(70.4)		%	8.5		%	(2.8)		%	(14.7)		%			(17.3)		%

Adjusted EBITDA	$	144			$	4		$	142		$	40		$	330		$	(83)	$	247
Adjusted EBITDA as a % of revenue	11.4		%		0.4		%	5.3		%	2.7		%	5.1		%			3.8		%
Adjusted EBITDA as a % of value-add revenue	11.4		%		0.4		%	10.4		%	2.7		%	6.4		%			4.8		%


(1) U.S. Generally Accepted Accounting Principles.

(2) Tenneco presents the above reconciliation of revenues in order to reflect EBITDA and adjusted EBITDA as a percent of both total revenues and value-add revenues. Substrate sales include precious metals pricing, which may be volatile. Substrate sales occur when, at the direction of its OE customers, Tenneco purchases catalytic converters or components thereof from suppliers, uses them in its manufacturing processes and sells them as part of the completed system. While Tenneco original equipment customers assume the risk of this volatility, it impacts reported revenue. Excluding substrate sales removes this impact. Further, presenting EBITDA and adjusted EBITDA as a percent of value-add revenue assists investors in evaluating the company’s operational performance without the impact of such substrate sales. See prior pages for a discussion of EBITDA and adjusted EBITDA.

ATTACHMENT 2
TENNECO INC.
RECONCILIATION OF GAAP⁽¹⁾ TO NON-GAAP REVENUE MEASURES⁽²⁾
Unaudited
(dollars in millions except percents)

	Q2 2020 Value- add Revenues		Currency		Volume, Mix and Other		Q2 2021 Value- add Revenues		% Change increase (decrease) excluding currency
Motorparts	$	559	$	19	$	216	$	794	38.6	%
Performance Solutions	378		32		305		715		80.7	%
Clean Air	517		31		395		943		76.4	%
Powertrain	560		35		455		1,050		81.3	%
Total Tenneco Inc.	$	2,014	$	117	$	1,371	$	3,502	68.1	%

	Q2 2020 YTD Value-add Revenues		Currency		Volume, Mix and Other		Q2 2021 YTD Value-add Revenues		% Change increase (decrease) excluding currency
Motorparts	$	1,265	$	28	$	220	$	1,513	17.4	%
Performance Solutions	1,047		59		396		1,502		37.8	%
Clean Air	1,362		58		559		1,979		41.0	%
Powertrain	1,476		76		599		2,151		40.6	%
Total Tenneco Inc.	$	5,150	$	221	$	1,774	$	7,145	34.4	%


(1) U.S. Generally Accepted Accounting Principles.

(2) Tenneco presents the above reconciliation of revenues in order to reflect value-add revenues separately from the effects of doing business in currencies other than the U.S. dollar. Additionally, substrate sales include precious metals pricing, which may be volatile. Substrate sales occur when, at the direction of its OE customers, Tenneco purchases catalytic converters or components thereof from suppliers, uses them in its manufacturing processes and sells them as part of the completed system. While Tenneco original equipment customers assume the risk of this volatility, it impacts reported revenue. Excluding substrate sales removes this impact. Tenneco uses this information to analyze the trend in revenues before these factors. Tenneco believes investors find this information useful in understanding period to period comparisons in the company’s revenues.

ATTACHMENT 2
TENNECO INC.
RECONCILIATION OF NON-GAAP MEASURES
Debt net of total cash / Adjusted LTM EBITDA including noncontrolling interests
Unaudited
(dollars in millions except ratios)
	June 30, 2021		June 30, 2020
Total debt	$	5,207	$	6,851
Total cash, cash equivalents and restricted cash (total cash)	719		1,371
Debt net of total cash balances ⁽¹⁾	$	4,488	$	5,480
Adjusted LTM EBITDA including noncontrolling interests ^{(2) (3)}	$	1,542	$	921
Net leverage ratio ⁽⁴⁾	2.9x		6.0x

	Q3 2020		Q4 2020		Q1 2021		Q2 2021		Q2 2021 LTM
Net income (loss) attributable to Tenneco Inc.	$	(499)	$	167	$	65	$	(10)	$	(277)
Net income (loss) attributable to noncontrolling interests	19		19		22		27		87
Net income (loss)	(480)		186		87		17		(190)
Income tax (expense) benefit	(648)		(6)		(47)		(41)		(742)
Interest expense	(68)		(68)		(70)		(69)		(275)
EBIT, Earnings (Loss) before interest expense, income taxes and noncontrolling interests	236		260		204		127		827
Depreciation and amortization	151		158		155		145		609
Total EBITDA including noncontrolling interests ⁽²⁾	$	387	$	418	$	359	$	272	$	1,436

Adjustments:
Restructuring and related expenses	24		6		28		31		89
Inventory write-down ⁽⁵⁾	(9)		—		—		44		35
Other costs (including strategic and transaction related) ⁽⁶⁾	4		1		8		5		18
Asset impairments ⁽⁷⁾	3		—		—		3		6
Loss on sale of unconsolidated JV affiliate	—		—		—		1		1
Antitrust reserve change in estimate ⁽⁸⁾	—		(11)		—		—		(11)
(Gain)/Loss on sale of assets or business	—		(2)		1		—		(1)
Gain on extinguishment of debt	—		(2)		(8)		—		(10)
OPEB curtailment ⁽⁹⁾	(21)		—		—		—		(21)
Total Adjusted EBITDA including noncontrolling interests ⁽³⁾	$	388	$	410	$	388	$	356	$	1,542

	Q3 2019		Q4 2019		Q1 2020		Q2 2020		Q2 2020 LTM
Net income (loss) attributable to Tenneco Inc.	$	70	$	(313)	$	(839)	$	(350)	$	(1,432)
Net income (loss) attributable to noncontrolling interests	8		75		13		10		106
Net income (loss)	78		(238)		(826)		(340)		(1,326)
Income tax (expense) benefit	9		(14)		94		101		190
Interest expense	(79)		(80)		(75)		(66)		(300)
EBIT, Earnings (Loss) before interest expense, income taxes and noncontrolling interests	148		(144)		(845)		(375)		(1,216)
Depreciation and amortization	165		170		171		159		665
Total EBITDA including noncontrolling interests ⁽²⁾	$	313	$	26	$	(674)	$	(216)	$	(551)

Adjustments:
Restructuring and related expenses	28		36		34		105		203
Inventory write-down ⁽⁵⁾	—		—		—		82		82
Other costs (including strategic and transaction related) ⁽⁶⁾	30		30		25		8		93
Asset impairments ⁽⁷⁾	—		—		471		29		500
Antitrust reserve change in estimate ⁽⁸⁾	(9)		—		—		—		(9)
Goodwill and intangible impairment charges ⁽¹⁰⁾	9		172		383		—		564
Cost reduction initiatives ⁽¹¹⁾	6		(1)		—		—		5
Costs to achieve synergies ⁽¹²⁾	7		8		—		—		15
Purchase accounting charges ⁽¹³⁾	11		2		—		—		13
Process harmonization ⁽¹⁴⁾	—		16		—		—		16
Pension charges/adjustments ⁽¹⁵⁾	—		(2)		—		—		(2)
Warranty charge ⁽¹⁶⁾	1		—		—		—		1
Brazil tax credit ⁽¹⁷⁾	(22)		—		—		—		(22)
Out of period adjustment ⁽¹⁸⁾	5		—		—		—		5
Impairment of assets held for sale	8		—		—		—		8
Total Adjusted EBITDA including noncontrolling interests ⁽³⁾	$	387	$	287	$	239	$	8	$	921


(1) Tenneco presents debt net of total cash balances because management believes it is a useful measure of Tenneco’s credit position and progress toward reducing leverage. The calculation is limited in that the company may not always be able to use cash to repay debt on a dollar-for-dollar basis.

(2) EBITDA including noncontrolling interests represents income before interest expense, income taxes, noncontrolling interests and depreciation and amortization. EBITDA including noncontrolling interests is not a calculation based upon GAAP. The amounts included in the EBITDA including noncontrolling interests calculation, however, are derived from amounts included in the historical statements of income data. In addition, EBITDA including noncontrolling interests should not be considered as an alternative to net income attributable to Tenneco Inc. or operating income as an indicator of the company’s operating performance, or as an alternative to operating cash flows as a measure of liquidity. Tenneco has presented EBITDA including noncontrolling interests because it regularly reviews EBITDA including noncontrolling interests as a measure of the company’s performance. In addition, Tenneco believes its investors utilize and analyze the company’s EBITDA including noncontrolling interests for similar purposes. Tenneco also believes EBITDA including noncontrolling interests assists investors in comparing a company’s performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors. However, the EBITDA including noncontrolling interests measure presented may not always be comparable to similarly titled measures reported by other companies due to differences in the components of the calculation.

(3) Adjusted EBITDA including noncontrolling interests is presented in order to reflect the results in a manner that allows a better understanding of operational activities separate from the financial impact of decisions made for the long term benefit of the company and other items impacting comparability between the periods. Similar adjustments to EBITDA including noncontrolling interests have been recorded in earlier periods, and similar types of adjustments can reasonably be expected to be recorded in future periods. The company believes investors find the non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the company’s financial results in any particular period.

(4) Net leverage ratio represents ratio of debt net of total cash balances to adjusted LTM EBITDA including noncontrolling interests. Tenneco presents the above reconciliation of the net leverage ratio to show trends that investors may find useful in understanding the company’s ability to service its debt. For purposes of this calculation, Adjusted LTM EBITDA including noncontrolling interests is used as an indicator of the company’s performance and debt net of total cash is presented as an indicator of the company’s credit position and progress toward reducing the company’s financial leverage. This reconciliation is provided as supplemental information and not intended to replace the company’s existing covenant ratios or any other financial measures that investors may find useful in describing the company’s financial position. See notes (1), (2) and (3) for a description of the limitations of using debt net of total cash, EBITDA including noncontrolling interests and Adjusted EBITDA including noncontrolling interests. See the company’s fourth quarter earnings release dated February 24, 2021 for the calculation of net leverage ratio as of December 31, 2020.

(5) Non-cash charge to write-down inventory in the Motorparts segment in connection with its initiative to rationalize its supply chain and distribution network.

(6) Amounts in prior periods included costs related to the acquisitions and expected separation.

(7) Asset impairment charges.

(8) Reduction in estimated antitrust accrual.

(9) OPEB curtailment as a result of an amended union agreement that eliminates healthcare benefits for future retirees.

(10) Non-cash asset impairment charge related to goodwill and intangibles.

(11) Costs related to cost reduction initiatives.

(12) Costs to achieve synergies related to the Acquisitions.

(13) This primarily relates to a non-cash charge to cost of sales for the amortization of the inventory fair value step-up recorded as part of the Acquisitions.

(14) Charge due to process harmonization.

(15) Charges related to pension derisking and other adjustments.

(16) Charge related to warranty. Although Tenneco regularly incurs warranty costs, this specific charge is of an unusual nature in the period incurred.

(17) Recovery of value-added tax in a foreign jurisdiction.

(18) Inventory losses attributable to prior periods.

ATTACHMENT 2
TENNECO INC.
RECONCILIATION OF GAAP⁽¹⁾ TO NON-GAAP REVENUE MEASURES⁽²⁾
Unaudited
(dollars in millions)

	Q2 2021
	Original equipment light vehicle revenues		Original equipment commercial truck, off- highway, industrial and other revenues		Aftermarket & original equipment service revenues		Total
Net sales and operating revenues	$	2,601	$	788	$	1,194	$	4,583
Less: Substrate sales	871		162		48		1,081
Value-add revenues	$	1,730	$	626	$	1,146	$	3,502

	Q2 2020
	Original equipment light vehicle revenues		Original equipment commercial truck, off- highway, industrial and other revenues		Aftermarket & original equipment service revenues		Total
Net sales and operating revenues	$	1,429	$	407	$	801	$	2,637
Less: Substrate sales	501		103		19		623
Value-add revenues	$	928	$	304	$	782	$	2,014

	Q2 2021 YTD
	Original equipment light vehicle revenues		Original equipment commercial truck, off- highway, industrial and other revenues		Aftermarket & original equipment service revenues		Total
Net sales and operating revenues	$	5,506	$	1,562	$	2,246	$	9,314
Less: Substrate sales	1,777		311		81		2,169
Value-add revenues	$	3,729	$	1,251	$	2,165	$	7,145

	Q2 2020 YTD
	Original equipment light vehicle revenues		Original equipment commercial truck, off- highway, industrial and other revenues		Aftermarket & original equipment service revenues		Total
Net sales and operating revenues	$	3,693	$	939	$	1,841	$	6,473
Less: Substrate sales	1,074		210		39		1,323
Value-add revenues	$	2,619	$	729	$	1,802	$	5,150

	Q2 2020 Value-add Revenues		Currency		Volume, Mix and Other		Q2 2021 Value-add Revenues		% Change increase (decrease) excluding currency
Original equipment light vehicle revenues	$	928	$	47	$	755	$	1,730	81.4	%
Original equipment commercial truck, off-highway, industrial and other revenues	304		45		277		626		91.1	%
Aftermarket & original equipment service revenues	782		25		339		1,146		43.4	%
Total Tenneco Inc.	$	2,014	$	117	$	1,371	$	3,502	68.1	%


	Q2 2020 YTD Value- add Revenues		Currency		Volume, Mix and Other		Q2 2021 YTD Value- add Revenues		% Change increase (decrease) excluding currency
Original equipment light vehicle revenues	$	2,619	$	125	$	985	$	3,729	37.6	%
Original equipment commercial truck, off-highway, industrial and other revenues	729		83		439		1,251		60.2	%
Aftermarket & original equipment service revenues	1,802		13		350		2,165		19.4	%
Total Tenneco Inc.	$	5,150	$	221	$	1,774	$	7,145	34.4	%


(1) U.S. Generally Accepted Accounting Principles.

(2) Tenneco presents the above reconciliation of revenues in order to reflect value-add revenues separately from the effects of doing business in currencies other than the U.S. dollar. Additionally, substrate sales include precious metals pricing, which may be volatile. Substrate sales occur when, at the direction of its OE customers, Tenneco purchases catalytic converters or components thereof from suppliers, uses them in its manufacturing processes and sells them as part of the completed system. While Tenneco original equipment customers assume the risk of this volatility, it impacts reported revenue. Excluding substrate sales removes this impact. Tenneco uses this information to analyze the trend in revenues before these factors. Tenneco believes investors find this information useful in understanding period to period comparisons in the company’s revenues.

View original content to download multimedia:https://www.prnewswire.com/news-releases/tenneco-delivers-solid-second-quarter-2021-results-301348788.html

SOURCE Tenneco Inc.

August 5, 2021 7:06 am

Starwood Property Trust Reports Results for the Quarter Ended June 30, 2021

– Quarterly GAAP Earnings of $0.40 and Distributable Earnings of $0.51 per Diluted Share –

– $3.1 Billion of Investment Activity in Second Quarter, Including $1.7 Billion in Commercial Lending –

– $5.8 Billion of Investment Activity in First Half, Including $4.0 Billion in Commercial Lending –

– Paid Dividend of $0.48 per Share –

– Issued $400 Million of 3.625% Senior Sustainability Notes Due 2026 –

PR Newswire

GREENWICH, Conn., Aug. 5, 2021 /PRNewswire/ — Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended June 30, 2021. The Company’s second quarter 2021 GAAP net income was $116.3 million, or $0.40 per diluted share, and Distributable Earnings (a non-GAAP financial measure) was $153.2 million, or $0.51 per diluted share.

“We are pleased to report another very active quarter growing our total portfolio to a record of $19.3 billion. Our diversified business remains extremely well positioned with strong asset performance across our cylinders and a growing investment pipeline. We executed two CLOs totaling $1.8 billion during the quarter, further reducing our mark to market financing exposure in an effort to build a fortress balance sheet. With continued recovery in the commercial real estate markets, the unrealized gains across our owned real estate portfolio have reached a record level of over $4.00 a share, providing stability, liquidity and power to invest opportunistically,” commented Barry Sternlicht, Chairman and CEO of Starwood Property Trust.

Supplemental Schedules

The Company has published supplemental earnings schedules on its website in order to provide additional disclosure and financial information for the benefit of the Company’s stakeholders. Specifically, these materials can be found on the Company’s website in the Investor Relations section under “Quarterly Results” at www.starwoodpropertytrust.com.

Webcast and Conference Call Information

The Company will host a live webcast and conference call on Thursday, August 5, 2021, at 10:00 a.m. Eastern Time. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The webcast is available at www.starwoodpropertytrust.com in the Investor Relations section of the website. The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in.

To Participate via Telephone Conference Call:

Dial in at least 15 minutes prior to start time.
Domestic: 1-877-407-9039
International: 1-201-689-8470

Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Passcode: 13720976
The playback can be accessed through August 12, 2021.

About Starwood Property Trust, Inc.

Starwood Property Trust (NYSE: STWD) is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. An affiliate of global private investment firm Starwood Capital Group, the Company has successfully deployed over $72 billion of capital since inception and manages a portfolio of over $19 billion across debt and equity investments. Starwood Property Trust’s investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com.

Forward-Looking Statements

Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words “believe,” “expect,” “anticipate” and other similar expressions. Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, the severity and duration of economic disruption caused by the COVID-19 global pandemic (including the emergence of new strains of the virus), completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, availability of financing and other risks detailed under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as well as other risks and uncertainties set forth from time to time in the Company’s reports filed with the SEC.

In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein will in fact occur. Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise.

Additional information can be found on the Company’s website at www.starwoodpropertytrust.com.

Contact:

Zachary Tanenbaum

Starwood Property Trust
Phone: 203-422-7788
Email: [email protected]

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations by Segment

For the three months ended June 30, 2021

(Amounts in thousands)

	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Revenues:
Interest income from loans	$	165,697	$	21,171	$	—	$	2,404	$	—	$	189,272	$	—	$	189,272
Interest income from investment securities	17,190		555		—		25,668		—		43,413		(32,765)		10,648
Servicing fees	110		—		—		16,365		—		16,475		(5,611)		10,864
Rental income	1,419		—		65,410		10,290		—		77,119		—		77,119
Other revenues	74		69		44		2,777		—		2,964		—		2,964
Total revenues	184,490		21,795		65,454		57,504		—		329,243		(38,376)		290,867
Costs and expenses:
Management fees	300		—		—		224		28,716		29,240		10		29,250
Interest expense	48,356		9,694		16,863		5,789		29,171		109,873		(220)		109,653
General and administrative	10,411		3,532		1,028		25,720		4,489		45,180		85		45,265
Acquisition and investment pursuit costs	179		249		—		(21)		—		407		—		407
Costs of rental operations	433		—		25,922		4,376		—		30,731		—		30,731
Depreciation and amortization	311		100		17,901		4,165		—		22,477		—		22,477
Credit loss (reversal) provision, net	(12,447)		603		—		—		—		(11,844)		—		(11,844)
Other expense	—		—		—		—		—		—		—		—
Total costs and expenses	47,543		14,178		61,714		40,253		62,376		226,064		(125)		225,939
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		12,509		12,509
Change in fair value of servicing rights	—		—		—		460		—		460		839		1,299
Change in fair value of investment securities, net	(9,402)		—		—		(12,585)		—		(21,987)		23,495		1,508
Change in fair value of mortgage loans, net	12,329		—		—		33,538		—		45,867		—		45,867
Earnings (loss) from unconsolidated entities	1,996		(70)		—		(507)		—		1,419		807		2,226
(Loss) gain on sale of investments and other assets, net	(1,019)		27		—		9,723		—		8,731		—		8,731
(Loss) gain on derivative financial instruments, net	(4,945)		112		(372)		(5,731)		927		(10,009)		—		(10,009)
Foreign currency gain (loss), net	2,715		(62)		(25)		(1)		—		2,627		—		2,627
Loss on extinguishment of debt	(221)		(939)		—		(22)		—		(1,182)		—		(1,182)
Other (loss) income, net	(5,504)		2		—		29		—		(5,473)		—		(5,473)
Total other income (loss)	(4,051)		(930)		(397)		24,904		927		20,453		37,650		58,103
Income (loss) before income taxes	132,896		6,687		3,343		42,155		(61,449)		123,632		(601)		123,031
Income tax benefit (provision)	8,043		(58)		—		(4,632)		—		3,353		—		3,353
Net income (loss)	140,939		6,629		3,343		37,523		(61,449)		126,985		(601)		126,384
Net (income) loss attributable to non-controlling interests	(4)		—		(4,914)		(5,757)		—		(10,675)		601		(10,074)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	140,935	$	6,629	$	(1,571)	$	31,766	$	(61,449)	$	116,310	$	—	$	116,310

Definition of Distributable Earnings

Distributable Earnings, a non-GAAP financial measure, is used to compute the Company’s incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company’s purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company’s external manager, acquisition costs from successful acquisitions, depreciation and amortization of real estate and associated intangibles and any unrealized gains, losses or other non-cash items recorded in net income for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company’s external manager and approved by a majority of the Company’s independent directors.

Reconciliation of Net Income to Distributable Earnings

For the three months ended June 30, 2021

(Amounts in thousands except per share data)

	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Total
Net income (loss) attributable to Starwood Property Trust, Inc.	$	140,935	$	6,629	$	(1,571)	$	31,766	$	(61,449)	$	116,310
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		4,914		—		—		4,914
Non-cash equity compensation expense	1,859		440		57		1,190		6,051		9,597
Management incentive fee	—		—		—		—		5,031		5,031
Acquisition and investment pursuit costs	(196)		—		(88)		(58)		—		(342)
Depreciation and amortization	251		90		17,969		3,812		—		22,122
Credit loss (reversal) provision, net	(12,447)		603		—		—		—		(11,844)
Interest income adjustment for securities	(861)		—		—		3,662		—		2,801
Extinguishment of debt, net	—		—		—		—		(247)		(247)
Other non-cash items	6		—		(262)		205		—		(51)
Reversal of GAAP unrealized (gains) / losses on:
Loans	(12,329)		—		—		(33,538)		—		(45,867)
Securities	9,402		—		—		12,585		—		21,987
Derivatives	3,594		(173)		(1,401)		4,927		1,532		8,479
Foreign currency	(2,715)		62		25		1		—		(2,627)
(Earnings) loss from unconsolidated entities	(1,996)		70		—		507		—		(1,419)
Sales of properties	—		—		—		(9,723)		—		(9,723)
Recognition of Distributable realized gains / (losses) on:
Loans	11,062		—		—		30,623		—		41,685
Securities	(18,088)		—		—		(2,779)		—		(20,867)
Derivatives	(2,546)		—		(34)		(718)		—		(3,298)
Foreign currency	6,518		(31)		(25)		(1)		—		6,461
Earnings (loss) from unconsolidated entities	4,444		(70)		—		776		—		5,150
Sales of properties	—		—		—		4,975		—		4,975
Distributable Earnings (Loss)	$	126,893	$	7,620	$	19,584	$	48,212	$	(49,082)	$	153,227
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	0.42	$	0.02	$	0.07	$	0.16	$	(0.16)	$	0.51

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations by Segment

For the six months ended June 30, 2021

(Amounts in thousands)

	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Revenues:
Interest income from loans	$	336,290	$	39,979	$	—	$	3,578	$	—	$	379,847	$	—	$	379,847
Interest income from investment securities	35,575		1,119		—		46,608		—		83,302		(61,044)		22,258
Servicing fees	234		—		—		28,821		—		29,055		(9,789)		19,266
Rental income	2,758		—		130,514		20,185		—		153,457		—		153,457
Other revenues	164		162		84		2,859		—		3,269		—		3,269
Total revenues	375,021		41,260		130,598		102,051		—		648,930		(70,833)		578,097
Costs and expenses:
Management fees	615		—		—		446		66,904		67,965		21		67,986
Interest expense	92,651		18,535		32,695		11,238		58,319		213,438		(411)		213,027
General and administrative	21,744		6,974		2,051		44,160		8,800		83,729		172		83,901
Acquisition and investment pursuit costs	364		249		—		(21)		—		592		—		592
Costs of rental operations	910		—		49,882		8,684		—		59,476		—		59,476
Depreciation and amortization	618		200		36,001		8,132		—		44,951		—		44,951
Credit loss (reversal) provision, net	(12,976)		1,176		—		—		—		(11,800)		—		(11,800)
Other expense	31		—		583		71		—		685		—		685
Total costs and expenses	103,957		27,134		121,212		72,710		134,023		459,036		(218)		458,818
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		52,254		52,254
Change in fair value of servicing rights	—		—		—		1,205		—		1,205		(702)		503
Change in fair value of investment securities, net	(11,452)		—		—		(5,415)		—		(16,867)		18,069		1,202
Change in fair value of mortgage loans, net	1,615		—		—		34,774		—		36,389		—		36,389
Earnings (loss) from unconsolidated entities	3,749		(324)		—		82		—		3,507		453		3,960
Gain on sale of investments and other assets, net	16,674		27		—		9,723		—		26,424		—		26,424
Gain (loss) on derivative financial instruments, net	21,196		796		4,352		3,552		(5,916)		23,980		—		23,980
Foreign currency loss, net	(8,879)		(111)		—		(64)		—		(9,054)		—		(9,054)
Loss on extinguishment of debt	(289)		(1,246)		(141)		(22)		—		(1,698)		—		(1,698)
Other (loss) income, net	(5,504)		23		—		29		—		(5,452)		—		(5,452)
Total other income (loss)	17,110		(835)		4,211		43,864		(5,916)		58,434		70,074		128,508
Income (loss) before income taxes	288,174		13,291		13,597		73,205		(139,939)		248,328		(541)		247,787
Income tax benefit (provision)	6,538		(150)		—		(5,265)		—		1,123		—		1,123
Net income (loss)	294,712		13,141		13,597		67,940		(139,939)		249,451		(541)		248,910
Net (income) loss attributable to non-controlling interests	(7)		—		(9,991)		(11,765)		—		(21,763)		541		(21,222)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	294,705	$	13,141	$	3,606	$	56,175	$	(139,939)	$	227,688	$	—	$	227,688

Reconciliation of Net Income to Distributable Earnings

For the six months ended June 30, 2021

(Amounts in thousands except per share data)

	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Total
Net income (loss) attributable to Starwood Property Trust, Inc.	$	294,705	$	13,141	$	3,606	$	56,175	$	(139,939)	$	227,688
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		9,991		—		—		9,991
Non-cash equity compensation expense	3,640		740		88		2,071		13,368		19,907
Management incentive fee	—		—		—		—		18,154		18,154
Acquisition and investment pursuit costs	(360)		—		(177)		(58)		—		(595)
Depreciation and amortization	498		181		36,130		7,415		—		44,224
Credit loss (reversal) provision, net	(12,976)		1,176		—		—		—		(11,800)
Interest income adjustment for securities	(2,161)		—		—		7,657		—		5,496
Extinguishment of debt, net	—		—		—		—		(493)		(493)
Income tax (provision) benefit associated with realized (gains) losses	(6,495)		—		—		405		—		(6,090)
Other non-cash items	9		—		(599)		412		415		237
Reversal of GAAP unrealized (gains) / losses on:
Loans	(1,615)		—		—		(34,774)		—		(36,389)
Securities	11,452		—		—		5,415		—		16,867
Derivatives	(23,577)		(918)		(7,847)		(4,792)		10,845		(26,289)
Foreign currency	8,879		111		—		64		—		9,054
(Earnings) loss from unconsolidated entities	(3,749)		324		—		(82)		—		(3,507)
Sales of properties	(17,693)		—		—		(9,723)		—		(27,416)
Recognition of Distributable realized gains / (losses) on:
Loans	25,615		—		—		35,295		—		60,910
Realized credit loss	(7,757)		—		—		—		—		(7,757)
Securities	(20,949)		—		—		(1,003)		—		(21,952)
Derivatives	(596)		—		(69)		877		—		212
Foreign currency	11,302		(41)		—		(64)		—		11,197
Earnings (loss) from unconsolidated entities	7,662		(324)		—		1,740		—		9,078
Sales of properties	8,298		—		—		4,975		—		13,273
Distributable Earnings (Loss)	$	274,132	$	14,390	$	41,123	$	72,005	$	(97,650)	$	304,000
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	0.92	$	0.05	$	0.14	$	0.24	$	(0.33)	$	1.02

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet by Segment

As of June 30, 2021

(Amounts in thousands)

	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Assets:
Cash and cash equivalents	$	60,651	$	31,695	$	28,088	$	22,618	$	110,904	$	253,956	$	611	$	254,567
Restricted cash	60,416		25,840		6,681		13,072		—		106,009		—		106,009
Loans held-for-investment, net	11,068,406		1,694,109		—		857		—		12,763,372		—		12,763,372
Loans held-for-sale	494,113		85,875		—		381,689		—		961,677		—		961,677
Investment securities	951,036		33,881		—		1,145,485		—		2,130,402		(1,456,836)		673,566
Properties, net	124,916		—		1,941,500		177,153		—		2,243,569		—		2,243,569
Intangible assets	—		—		37,361		69,910		—		107,271		(42,078)		65,193
Investment in unconsolidated entities	43,717		24,770		—		42,954		—		111,441		(14,652)		96,789
Goodwill	—		119,409		—		140,437		—		259,846		—		259,846
Derivative assets	12,472		—		124		92		22,927		35,615		—		35,615
Accrued interest receivable	102,086		5,307		—		495		6,031		113,919		(119)		113,800
Other assets	81,621		11,497		91,158		42,237		14,977		241,490		13		241,503
VIE assets, at fair value	—		—		—		—		—		—		63,493,796		63,493,796
Total Assets	$	12,999,434	$	2,032,383	$	2,104,912	$	2,036,999	$	154,839	$	19,328,567	$	61,980,735	$	81,309,302
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	38,973	$	8,464	$	45,231	$	40,245	$	49,260	$	182,173	$	53	$	182,226
Related-party payable	—		—		—		—		26,393		26,393		38		26,431
Dividends payable	—		—		—		—		139,457		139,457		—		139,457
Derivative liabilities	31,530		1,118		—		413		—		33,061		—		33,061
Secured financing agreements, net	5,751,375		957,605		1,872,043		742,811		630,578		9,954,412		(21,750)		9,932,662
Collateralized loan obligations, net	2,000,073		404,599		—		—		—		2,404,672		—		2,404,672
Unsecured senior notes, net	—		—		—		—		1,737,383		1,737,383		—		1,737,383
VIE liabilities, at fair value	—		—		—		—		—		—		62,001,710		62,001,710
Total Liabilities	7,821,951		1,371,786		1,917,274		783,469		2,583,071		14,477,551		61,980,051		76,457,602
Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	—		—		—		—		2,952		2,952		—		2,952
Additional paid-in capital	878,471		629,130		16,967		(218,645)		3,942,567		5,248,490		—		5,248,490
Treasury stock	—		—		—		—		(138,022)		(138,022)		—		(138,022)
Accumulated other comprehensive income	41,310		—		—		—		—		41,310		—		41,310
Retained earnings (accumulated deficit)	4,257,587		31,467		(47,694)		1,316,994		(6,235,729)		(677,375)		—		(677,375)
Total Starwood Property Trust, Inc. Stockholders’ Equity	5,177,368		660,597		(30,727)		1,098,349		(2,428,232)		4,477,355		—		4,477,355
Non-controlling interests in consolidated subsidiaries	115		—		218,365		155,181		—		373,661		684		374,345
Total Equity	5,177,483		660,597		187,638		1,253,530		(2,428,232)		4,851,016		684		4,851,700
Total Liabilities and Equity	$	12,999,434	$	2,032,383	$	2,104,912	$	2,036,999	$	154,839	$	19,328,567	$	61,980,735	$	81,309,302

View original content:https://www.prnewswire.com/news-releases/starwood-property-trust-reports-results-for-the-quarter-ended-june-30-2021-301349045.html

SOURCE Starwood Property Trust, Inc.

August 5, 2021 7:06 am

Duke Energy reports second-quarter 2021 financial results

PR Newswire

CHARLOTTE, N.C., Aug. 5, 2021 /PRNewswire/ — Duke Energy (NYSE: DUK) has posted its second-quarter 2021 financial results in a news release available on the company’s website at the following link: duke-energy.com/investors.

Lynn Good, chair, president and chief executive officer, and Steve Young, executive vice president and chief financial officer, will discuss the company’s financial results and other business and financial updates during an investor presentation at 10 a.m. ET today.

The call can be accessed via the investors’ section (duke-energy.com/investors) of Duke Energy’s website or by dialing 800-458-4121 in the U.S. or 323-794-2093 outside the U.S. The confirmation code is 3383817. Please call 10 to 15 minutes prior to the scheduled start time.

A replay of the conference call will be available until 1 p.m. ET, Aug. 15, 2021, by calling 888-203-1112 in the U.S. or 719-457-0820 outside the U.S., and using the code 3383817. An audio replay and transcript will also be available by accessing the investors’ section of the company’s website.

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. Its electric utilities serve 7.9 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 51,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 27,500 people.

Duke Energy is executing an aggressive clean energy strategy to create a smarter energy future for its customers and communities – with goals of at least a 50 percent carbon reduction by 2030 and net-zero carbon emissions by 2050. The company is a top U.S. renewable energy provider, on track to own or purchase 16,000 megawatts of renewable energy capacity by 2025. The company also is investing in major electric grid upgrades and expanded battery storage, and exploring zero-emitting power generation technologies such as hydrogen and advanced nuclear.

Duke Energy was named to Fortune’s 2021 “World’s Most Admired Companies” list and Forbes’ “America’s Best Employers” list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Media contact: Meredith Archie
800.559.3853

Analysts contact: Jack Sullivan
980.373.3564

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SOURCE Duke Energy